Mongolia: First steppes

Mongolia’s derivatives market is in its infancy – but the promise of future returns is luring international banks to Ulan Bator. By Viren Vaghela

With nearly a quarter of the population living on less than a $1.25 a day and a history of instability in its financial sector, Mongolia isn’t an obvious spot to find an investment bank. But for ING’s man in Ulan Bator, Howard Lambert, the opportunity is clear: the bank has been creating bespoke products for clients to gain exposure to Mongolia’s currency, the tugrik, and they have been earning