The Mongolian Stock Exchange (MSE) is Mongolia's sole stock exchange. It is based in Ulaanbaatar. It was established in January 1991 by the decree of the Mongolian Government to privatize state-owned assets. The MSE has seen rapid growth since 2006, at that time it was the world's smallest stock exchange by market capitalisation (roughly US$83 million).[7] That grew to US$406 million by 2008 and then quadrupled again to US$2 billion by 2011.[8] In 2010 the MSE was the world's best-performing stock market after an increase of 121 percent. MSE ranked the second best performing stock exchange in the world with 57.8 percent increase after Venezuela Caracas Stock Exchange, which increased by 80.8 percent.[9][10][11] As of 2017, it has 219 listed companies with a combined market capitalization of 2.44 trillion MNT (US$1million).