Difference between revisions of "Budapest Stock Exchange"

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{{Infobox_Company
{{Infobox_Company
| company_name = Budapest Stock Exchange
| company_name = Budapest Stock Exchange
| company_logo = [[image:Logo_betmain.jpg]] |
| company_logo = [[image:Bse-budapest.png]]
| key_people = [[Árpád Pál]], CEO; [[Attila Szalay-Berzeviczy]], chairman
| key_people = Richárd Végh, Chairman and CEO of the Budapest Stock Exchange
| foundation = 1990
| foundation = 1990 (re-formed) 
| location = Budapest, Hungary
| location = Budapest, Hungary  
| products =  
| products = BUX, BUMIX, CEOP20, DWIX   
| homepage= http://www.bse.hu/onlinesz/index_e.html}}
| homepage = http://www.bse.hu
}}


The Budapest Stock Exchange is an integrated electronic stock and derivatives exchange providing trading, clearing and settlement of cash equities, futures and options in equities and currencies and government debt securities.
The Budapest Stock Exchange in Hungary is an [[electronic trading]] exchange listing mostly Hungarian equities, bonds, currencies and derivatives. A year after their acquisition by an Austrian-based exchange operator, the BSE and the Budapest Commodities Exchange merged in 2005 bringing all equities, bonds and derivatives trading to the BSE.  


The exchange was formed from the 2005 merger of Hungary's stock and commodities exchanges, and is controlled by a group of Austrian investors, including the [[Vienna Stock Exchange]]
The Budapest Stock Exchange was ranked 44th among derivatives exchange by volume in 2018, down 4.5 percent from a year earlier, according to the annual volume survey published by the [[Futures Industry Association]] (FIA).<ref>{{cite web|url=http://www.futuresindustry.org/downloads/Volume-Mar_FI%28R%29.pdf|name=2010 Annual Volume Survey|org=Futures Industry.org|date=May 5, 2011}}</ref><ref>{{cite web|url=https://marketvoice.fia.org/articles/record-year-derivatives|name=2018 Annual Volume Survey|org=Futures Industry.org|date=May 13, 2019}}</ref>


== History ==
== History ==
The Budapest Stock Exchange was opened in June 1990, with the Budapest Commodities Exchange following in July, though the history of futures trading in Hungary dates back more than 150 years. Grain traders created the Pest Commodities and Stock Exchange in 1864 - the "Budapest" was added with the unification of Buda and Pest in 1873 - which operated with periodic stoppages before being closed by the advent of World War Two.


The end of communist rule saw Hungary become the second central European state - after Slovenia - to open an exchange, with six shares listed by the end of the stock market's first year of operation, while the commodity market listed grain contracts before adding livestock futures in 1991 and currency contracts in 1993.
The Budapest Stock Exchange (BSE) originated as the Pest Commodities and Stock Exchange in 1864 but closed following the start of World War II. It re-opened in June 1990 with an [[open outcry]] system after the collapse of Hungary's communist government and was followed a month later by the Budapest Commodities Exchange (BCE), which initially listed grain futures.  


The exchanges signed a pact in 1992 to create the KELER clearinghouse, though fought a turf war over jurisdiction of currency contracts, with the BSE opening its futures business in March 1995 and the BCE added options in 1996.
The BSE had listed six shares by the end of its first year of trading while the BCE added livestock futures in 1991 and currency contracts in 1993. From 1995 until 1998 the BSE traded securities partly by open outcry but after introducing the [[MultiMarket Trading System]] (MMTS) in 1998 the exchange closed its physical trading floor in 1999, followed a year later by the BCE.<ref>{{cite web|url=http://www.bse.hu/topmenu/about_us/history|name=Brief history of the Exchange|org=Budapest Stock Exchange|date=February 11, 2009}}</ref>


The BSE launched its MMTS electronic trading system from Computershare for equities in late 1998, and expanded it to the derivatives complex in September 1999, closing its floor. The BCE ended floor trading in November 2000.
== Consolidation ==


The member-owned BSE converted into a limited company on June 30, 2002, and the exchange was integrated with the BCE on November 2, 2005<ref>{{cite web|url=http://www.bse.hu/file/1102_press_release.pdf|org=BSE|name=Reunification of the Exchanges in Hungary|date=December 14, 2007}}</ref>.
In 2004 a majority stake in BSE was acquired by a group of Austrian investors headed by [[Wiener Börse]], owner of the [[Vienna Stock Exchange]], and a group of banks led by Österreichische Kontrollbank AG. A year later the group merged its newly acquired Budapest Commodities Exchange with the BSE, introducing derivatives trading to the BSE. In late 2008 Wiener Börse raised its stake in the BSE an additional 25% for a total stake of 37.7% while the Austrian group's total stake in the BSE now stands at 68.8%.<ref>{{cite web|url=http://en.wienerborse.at/about/press/pressrelease/stake-budapest.html|name=The Vienna Stock Exchange increases its stake in the Budapest Stock Exchange|org=Wiener Börse|date=February 11, 2009}}</ref> Wiener Börse also owns large majority stakes in Slovenia's [[Ljubljana Stock Exchange]] and the [[Prague Stock Exchange]] and recently announced that it would introduce a single trading system linking them with the BSE by 2010 or 2011.<ref>{{cite web|url=http://www.portalino.it/nuke/modules.php?name=News&file=article&sid=35052|name=Wiener Boerse plans single trading system for Vienna, Budapest, Ljubljana, Prague|org=Portalino|date=February 11, 2009}}</ref>


An Austrian consortium including HVB Hungary (25 per cent), [[Wiener Börse]] (14 per cent), Erste Bank (12.2 per cent), RZB (11 per cent) and OeKB (6.4 per cent) acquired a 68.8 per cent stake in 2004 for E32m<ref>{{cite web|url=http://en.wienerborse.at/about/press/pressrelease/wien_budapest.html|org=[[Vienna Stock Exchange]]|name=Press Release|date=December 14, 2007}}</ref>.
== Key People ==


== Product Development ==
CEO György Mohai has twice served as the BSE's acting CEO: in 2006 prior to the appointment of previous head Árpád Pál and for three months in 2008 prior to his own permanent appointment to the top job in June.<ref>{{cite web|url=http://www.bse.hu/topmenu/about_us/history/Previous_managers.html?query=CEO|name=Previous managers|org=Budapest Stock Exchange|date=February 11, 2009}}</ref> Mohai had previously spent four years as the BSE's deputy CEO and the previous two years (2002-2004) as an advisor to the exchange.<ref>{{cite web|url=http://www.bse.hu/data/cms107252/Mohai_Gyorgy_eng_2008.pdf|name=Curriculum Vitae: György Mohai|org=Budapest Stock Exchange|date=February 11, 2009}}</ref> Prior to that Mohai worked for ten years in the securities industry and spent 13 years as an academic and research fellow, including at Budapest's Corvinus University. He is a board member of the Central Clearing House and Depository and the Investor Protection Fund.


== Key Products ==


launched gold trading in April 2006, exchange-traded funds in March 2007
The BSE has two main domestic equity indexes: the official equity [[BUX]], the benchmark for the Hungarian share market, and the small-cap and mid-cap focused BUMIX. The BUX consists of between 12 and 25 stocks - revised twice per year - that satisfy several exchange requirements based on size and liquidity.<ref>{{cite web|url=http://www.bse.hu/data/cms105197/indices_20080630_PRESS.pdf|name=Indices|org=Budapest Stock Exchange|date=February 12, 2009
36 grain in November 2005
}}</ref> The exchange also owns and calculates the Central European Blue Chip Share Index ([[CETOP20]]) and the Daiwa-MKB Treasury Bill Yield Index ([[DWIX]]).


== Structure and Regulation ==
==Volumes==
37 members
 
{| cellpadding="5" cellspacing="1" style="background:#FFFFFF;"
|- align="left" style="background:#CCCCCC;"
| '''Year'''
|'''Total Annual Volume'''*
|'''Percent Change'''
|- align="left" style="background:#EEEEEE;"
|2018
|6,703,976
|(-)4.5%
|- align="left" style="background:#EEEEEE;"
|2017
|7,021,245
|11.1%
|- align="left" style="background:#EEEEEE;"
|}


09.00am-4.30pm
{{Template:Infobox_Midpage_Need_Sponsor}}


== References ==
== References ==
<references />
<references />
== External links ==
http://en.wienerborse.at/


[[Category:Exchanges]]
[[Category:Exchanges]]
[[Category:Stock Exchanges]]
[[Category:Stock Exchanges]]
[[Category:European Exchanges]]
[[Category:European Exchanges]]

Latest revision as of 13:19, 18 June 2020


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Budapest Stock Exchange
Bse-budapest.png
Founded 1990 (re-formed)
Headquarters Budapest, Hungary
Key People Richárd Végh, Chairman and CEO of the Budapest Stock Exchange
Products BUX, BUMIX, CEOP20, DWIX
Website http://www.bse.hu

The Budapest Stock Exchange in Hungary is an electronic trading exchange listing mostly Hungarian equities, bonds, currencies and derivatives. A year after their acquisition by an Austrian-based exchange operator, the BSE and the Budapest Commodities Exchange merged in 2005 bringing all equities, bonds and derivatives trading to the BSE.

The Budapest Stock Exchange was ranked 44th among derivatives exchange by volume in 2018, down 4.5 percent from a year earlier, according to the annual volume survey published by the Futures Industry Association (FIA).[1][2]

History[edit]

The Budapest Stock Exchange (BSE) originated as the Pest Commodities and Stock Exchange in 1864 but closed following the start of World War II. It re-opened in June 1990 with an open outcry system after the collapse of Hungary's communist government and was followed a month later by the Budapest Commodities Exchange (BCE), which initially listed grain futures.

The BSE had listed six shares by the end of its first year of trading while the BCE added livestock futures in 1991 and currency contracts in 1993. From 1995 until 1998 the BSE traded securities partly by open outcry but after introducing the MultiMarket Trading System (MMTS) in 1998 the exchange closed its physical trading floor in 1999, followed a year later by the BCE.[3]

Consolidation[edit]

In 2004 a majority stake in BSE was acquired by a group of Austrian investors headed by Wiener Börse, owner of the Vienna Stock Exchange, and a group of banks led by Österreichische Kontrollbank AG. A year later the group merged its newly acquired Budapest Commodities Exchange with the BSE, introducing derivatives trading to the BSE. In late 2008 Wiener Börse raised its stake in the BSE an additional 25% for a total stake of 37.7% while the Austrian group's total stake in the BSE now stands at 68.8%.[4] Wiener Börse also owns large majority stakes in Slovenia's Ljubljana Stock Exchange and the Prague Stock Exchange and recently announced that it would introduce a single trading system linking them with the BSE by 2010 or 2011.[5]

Key People[edit]

CEO György Mohai has twice served as the BSE's acting CEO: in 2006 prior to the appointment of previous head Árpád Pál and for three months in 2008 prior to his own permanent appointment to the top job in June.[6] Mohai had previously spent four years as the BSE's deputy CEO and the previous two years (2002-2004) as an advisor to the exchange.[7] Prior to that Mohai worked for ten years in the securities industry and spent 13 years as an academic and research fellow, including at Budapest's Corvinus University. He is a board member of the Central Clearing House and Depository and the Investor Protection Fund.

Key Products[edit]

The BSE has two main domestic equity indexes: the official equity BUX, the benchmark for the Hungarian share market, and the small-cap and mid-cap focused BUMIX. The BUX consists of between 12 and 25 stocks - revised twice per year - that satisfy several exchange requirements based on size and liquidity.[8] The exchange also owns and calculates the Central European Blue Chip Share Index (CETOP20) and the Daiwa-MKB Treasury Bill Yield Index (DWIX).

Volumes[edit]

Year Total Annual Volume* Percent Change
2018 6,703,976 (-)4.5%
2017 7,021,245 11.1%


References[edit]