BSE chairman resigns

History

Patai has been the chairman of the BSE since December 4, 2008 and he was re-elected on April 29 this year. Patai resigned just a day before an extraordinary general meeting of the BSE on Tuesday, where shareholders are expected to approve the introduction of the Xetra trading system.

Plans to introduce the system sparkled dispute, and the five biggest Hungarian investment service providers of the BSE said on Monday that they had askedfinancial supervisor Pszáf, the central bank MNB and the government to intervene in order to postpone the introduction of the new trading system on the BSE.

The investment service providers said they would be forced to use both the new trading system and the old one, which would continue to carry futures and the government securities trading, at the same time, resulting in extra costs. The new system would also give foreign brokers unhindered access to the Hungarian market, putting domestic brokers at a disadvantage.

The BSE is majority owned be Wiener Borse.

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