New Capital Market Act to extend the central clearing house’s role
Hungary’s central clearing house KELER Ltd. will manage individual client accounts in the future, napi.hu reported yesterday.
According to the business news portal, the government is working on new legislation that will require KELER to manage individual residential client accounts as opposed to managing stock exchange members’ own accounts and a bulk account for their clients, separately.
The practice, already used in many countries, will require major IT developments on KELER’s part and may take years to implement. The new legislation is aiming at restoring investor confidence, which has been badly hit by the recent Buda-Cash scandal, KELER chairman Csaba Lántos told napi.hu.
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