BdSec JSC

What BdSec JSC does

BdSec JSC (БиДиСЕК ҮЦК) is a Ulaanbaatar-based full-service investment firm founded in 1991, listed on the Mongolian Stock Exchange (ticker BDS) at TIER-I level and included in the MSE TOP 20 Index. The company operates under a license from Mongolia's Financial Regulatory Commission covering underwriting, broker-dealer, and investment advisory services, and has cumulatively raised over 1.2 trillion MNT from the capital market through underwriting and investment consulting since its founding. It is the first public brokerage firm on the MSE, having listed its own securities via IPO in 2006, and historically reached a 91% share of total MSE trading volume in 2012.

The company's product platform is anchored by dbx.bdsec.mn, a proprietary online brokerage trading system available via web and native iOS/Android apps, complemented by the AGM System (agm.mn) for hybrid shareholder meetings and a licensed Mining Product Exchange (COMEX) trading system (comexchange.mn). Through its partnership with Interactive Brokers, BdSec routes clients to 160+ markets across 33 countries. Distribution combines three physical branches (Ulaanbaatar headquarters, Erdenet, Darkhan) with the digital platform, and the customer base spans individual investors trading on the MSE, corporate issuers (notably Khan Bank, Erdenes TavanTolgoi, State Bank, Bodi Insurance), mining sector participants trading coal and minerals on COMEX, and government/education-sector bond issuers.

Revenue is generated primarily through transaction-based brokerage commissions on MSE securities and COMEX coal trades, underwriting and bookrunning fees on IPOs and bond offerings, and investment advisory fees for capital markets transactions. Pricing is largely quote-based; the only disclosed rate is a 1.0% IPO trading commission applied to the Khan Bank offering. The business model is therefore episodic-deal driven (underwriting mandates) layered on a recurring retail brokerage base, with management team stability anchored by the 2022 transition in which D. Dayanbilguun moved from CEO to Board Chairman/President and B. Lkhagvadorj became CEO.

Name

BdSec JSC

Legal name

BDSEC Securities JSC

Website

https://bdsec.mn

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

101–250 employees

Short description

BdSec JSC (БиДиСЕК ҮЦК) is a Mongolia-based, MSE-listed full-service securities firm providing underwriting, broker-dealer, and investment advisory services to corporate issuers, individual investors, and mining-sector clients via its proprietary dbx.bdsec.mn trading platform and three-branch network.

Ownership category

akta.pro rank

Product category

Securities Brokerage & Investment Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Electronic/Direct Market Access (DMA) & Sponsored Access (FSACAFAI)

Keywords

• Securities brokerage services
• Investment underwriting services
• Online trading platform
• Broker-dealer services
• Capital markets advisory

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage and Dealer Services: Revenue from executing securities trades on the Mongolian Stock Exchange. Includes broker and dealer activities with transaction-based fees. The company accounts for significant trading volume on the MSE.
2. Underwriting Services: Revenue from acting as lead underwriter for IPOs and bond offerings. BDSec has raised over 1.2 trillion MNT from the capital market through underwriting and investment consulting services since establishment.
3. Investment Advisory: Fees from providing investment consulting services to corporate and institutional clients for capital markets transactions.
4. Mining Product Exchange Brokerage: Professional consulting and brokerage services for participants in mining product exchange trading. Revenue from facilitating coal and other mining product trades.
5. International Trading Services: Revenue from facilitating international trading through Interactive Brokers partnership, enabling access to 160+ markets globally.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

BDSec JSC is a full-service Mongolian securities firm providing broker-dealer execution on the Mongolian Stock Exchange, underwriting for IPOs and bond offerings, and investment advisory services. It operates the proprietary dbx.bdsec.mn online trading platform and mobile apps, an AGM System for shareholder meetings, and a licensed Mining Product Exchange (COMEX) trading system. Through an Interactive Brokers partnership, it extends client access to 160+ international markets across 33 countries.

Product overview

BdSec JSC operates as a full-service investment firm offering a multi-product platform centered on its online trading system dbx.bdsec.mn, which supports equity and bond trading on the Mongolian Stock Exchange. The product suite includes the AGM System for digital shareholder meetings and a licensed Mining Product Exchange (COMEX) system for coal and mineral brokerage. Through its IBKR partnership, BdSec extends international market access to 160+ markets. Core services encompass underwriting (IPO, bonds including green and municipal bonds), broker-dealer operations, and investment advisory. The dbx platform is available as both a web application and native mobile apps for iOS and Android.

Differentiator

Problem solved

Functional benefit

Brands

• dbx.bdsec.mn 2.0: Online brokerage trading platform and application for securities trading
• AGM System
• Mining Product Exchange (COMEX)

Products and services

• dbx.bdsec.mn Trading Platform Full-service online securities trading platform enabling equity trading, bond trading, account opening, and live market participation on the Mongolian Stock Exchange for individual and institutional investors.
• AGM System Digital platform for organizing shareholder meetings through seamless integration of online and in-person formats, enabling remote participation, digital voting, and attendance for Mongolian listed companies.
• Mining Product Exchange (COMEX) Trading System Licensed system providing professional advisory and brokerage services for participants in Mongolia's Mining Product Exchange trading, including coal and other mineral commodities.
• Interactive Brokers (IBKR) International Trading Partnership with Interactive Brokers enabling BDSec clients to access trading in 160+ markets across 33 countries, offering low-cost international execution, IBKR BestX technology, and multi-currency account capabilities.
• Underwriting Services Lead underwriter and bookrunner for IPOs, bond offerings, and equity issuances on the Mongolian market, including green bonds, municipal bonds, and corporate debt instruments. Services include Khan Bank IPO, Erdenes TavanTolgoi bond, State Bank international USD bond, Bodi Insurance IPO, and Ulaanbaatar municipal bond.
• Broker-Dealer Services Brokerage and dealer services for equity and bond trading on the Mongolian Stock Exchange, providing liquidity and market-making capabilities for individual and institutional clients.
• Investment Advisory Financial advisory services for capital market participants, including investment consulting, market analysis, and portfolio guidance for corporate and institutional clients.

Quantifiable outcome

• Successfully raised 1.2 trillion MNT from capital market through underwriting and investment consulting services
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Education Sector (Government)coreStrategic or Co-development Partner · 1 January 2026BDSec organized trading of education sector bonds totaling MNT 7 billion across three tranches. This partnership supports government sector financing through the capital markets.
• Khan Bank LLCflagshipStrategic or Co-development Partner · 1 January 2023BDSec served as underwriter for Khan Bank LLC's historic IPO in 2023, successfully offering shares to the public. Previously acted as underwriter for Khan Bank's green bond, Mongolia's first green bond in 2024. This represents a flagship partnership for major Mongolian financial institution capital market transactions.
• Interactive BrokerscoreTechnology or IntegrationBDSec has established a partnership with Interactive Brokers to provide Mongolian investors access to international capital markets. Through this partnership, clients can access over 160 markets in 33 countries with low trading fees, IBKR BestX smart execution technology, and competitive margin rates. This enables BDSec to offer comprehensive international trading services as a value-added service.
• Energy Resources LLCcoreChannel Partner/ Reseller/ DistributorEnergy Resources LLC utilizes BDSec's mining product exchange trading services for coal brokerage. BDSec successfully brokered 19,200 tons of washed medium-ash semi-coking coal trade worth 8,832,000 yuan for Energy Resources LLC.
• Erdenes Tavantolgoi JSCcoreChannel Partner/ Reseller/ DistributorErdenes Tavantolgoi JSC is a key client utilizing BDSec's Mining Products Exchange trading services. BDSec has brokered multiple coal trades totaling hundreds of thousands of tons for the state-owned mining company.

Scale indicators4 records

Recent moves15 records

Expansion highlights6 records

Broad incumbents

• E*TRADE (Morgan Stanley): Online brokerage now part of Morgan Stanley, offering retail self-directed trading and integrated advisory; comparable to BDSec's hybrid self-serve dbx platform plus branch-based service model.
• Charles Schwab: Large incumbent US broker-dealer offering full-service retail and institutional brokerage; analogous to BDSec's role as a comprehensive brokerage and investment bank within its domestic market.

Regional players

• Nomura Holdings: Japan-headquartered securities firm with extensive Asia-Pacific investment banking and brokerage operations; comparable regional broker-dealer model relevant to Mongolia-adjacent markets.
• Korea Investment & Securities: Korean broker-dealer with active equity, bond, and international trading operations; comparable Asian mid-market securities firm with similar product breadth.
• Mirae Asset Securities: Leading Korean securities firm with regional brokerage and investment banking footprint across Asia; relevant comparable for BDSec's domestic broker-dealer plus regional expansion ambitions.
• Daiwa Securities Group: Major Japanese brokerage and investment bank with Asian retail and institutional brokerage operations; comparable to BDSec's integrated broker-dealer and underwriting franchise in a regional context.
• China International Capital Corporation (CICC): China-based investment bank with cross-border brokerage and underwriting across Greater China and Mongolia-adjacent corridors; relevant peer for BDSec's ambitions in regional capital raising.
• SBI Holdings: Japanese financial conglomerate with online brokerage (SBI Securities) and emerging-markets investment banking activity including Mongolia exposure; comparable for BDSec's digital brokerage plus EM capital markets model.

Direct peers

• Interactive Brokers: Global online broker providing electronic market access across 160+ markets; BDSec partners with IBKR for international trading and competes against the same platform for retail investor wallet share.
• TradeStation: Multi-asset online brokerage offering equities, options, and futures trading via proprietary platforms — comparable to BDSec's dbx.bdsec.mn in self-serve electronic brokerage model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bdsecjsc
• YouTubeyoutube.com/channel/UCdX
• Facebookfacebook.com/BDSecJSC
• LinkedInlinkedin.com/company/bdsec-jsc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BdSec JSC