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New leadership appointed for BSE

Deals

Márton Nagy, the deputy-governor of the National Bank of Hungary, was elected chairman of the Budapest Stock Exchange at a general meeting of shareholders today, Hungarian news agency MTI reported.

The head of the supervisory board will be MNB deputy-governor Ferenc Gerhardt, while MNB Director Richárd Végh, responsible for capital markets and market oversight, will be the CEO of the Budapest bourse, as of January 1.

The new leadership is expected to present a new strategy for the bourse by February.

The MNB said it wishes to cooperate with market actors and is setting up a Stock Exchange Advisory Body led by Hungarian Banking Association head Mihály Patai to help its work, MTI said.

MNB announced earlier 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.

The purchase of the stock exchange is “absolutely unprecedented” and risky, according to Lajos Bokros, the first chairman of the Budapest Stock Exchange after its reopening in 1990 and a finance minister in the mid 1990s. He gave his opinion in a recent Financial Times article.

The BSE said 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 preceding month.

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