Central bank gets greenlight to buy Budapest bourse

Deals

Image by Jessica Fejos

Hungary’s Competition Office announced today that it had approved the National Bank of Hungary’s (MNB) acquisition of a majority stake in the Budapest Stock Exchange (BSE) and clearing house KELER, Hungarian news agency MTI reported.

(Photo: Jessica Fejos)

The central bank has no objective interest in changing the relationship between the bourse and KELER in a manner that would affect competition, due to the “particular nature of its tasks carried out in the public interest”, GVH reportedly said when explaining the approval of the acquisition. KELER is bound by law to offer its services free of discrimination, GVH added, according to MTI. The central bank now has the greenlight to buy the Budapest bourse.

Days after the Hungarian National Bank (MNB) bought a majority stake in the Budapest bourse and put its deputy governor in charge, the Board of Directors of the bourse announced early yesterday an extraordinary meeting for December 16 with an agenda that includes replacing members of the Board.

MNB announced a week ago that it had acquired a majority stake in the Budapest bourse, and central bank deputy governor Márton Nagy has been put in charge of the bourse. Nagy also said that the MNB is planning to prepare a new strategy for the development of the BSE.

BSE said on Monday that average daily share turnover of the Budapest bourse saw a 111% rise, up to HUF 10.3 bln, in November, compared to the same month a year earlier, with average daily share turnover up by 45% as compared to the previous month.

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