Budapest Stock Exchange
|Budapest Stock Exchange|
|Key People||Árpád Pál, CEO; Attila Szalay-Berzeviczy, chairman|
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 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 opened in June 1990, with the Budapest Commodities Exchange following in July of that year, 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 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 adding options in 1996.
The BSE launched its MMTS electronic trading system, sourced 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.
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.
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.