ADVERTISEMENT

Online brokerage Fio trades worth €20 mln in H1 in Hungary

Analysis

Czech electronic brokerage Fio brokered trades worth €20 million in Hungary during the first half of 2006, completing its full year target, head of the brokerage's retail division Markek Polka said on Wednesday.

Fio started operating in Hungary in January 2006. Trade turnover in Hungary accounted for just a fraction of Fio's total first-half trade turnover of €3.95 billion. The brokerage operates in the Czech Republic, Slovakia and Poland in addition to Hungary, and is the biggest online broker in the region, Polka said.
First-half trade turnover was up 65% from the same period a year earlier, Polka said. Based on the strong H1 performance, which exceeded the brokerage's full-year target, Fio expects trade turnover to reach €7.5 billion in 2006. Polka noted that, from January 2007, Fio would offer clients the chance to trade in derivatives, share indices, forex contracts and futures contracts for oil and gold.
Fio's managing director in Hungary Zoltán Nyitrai said he sees great potential for development on the Hungarian market. He added that Fio would soon request membership on the Budapest Stock Exchange (BÉT) as well as on the Warsaw exchange. Hungarian traders who use Fio's services invest almost all of their money in Western shares, unlike in Slovakia where just 40% of Fio clients' money is used to buy foreign stocks. The foreign ratio is negligible in the case of Czech investors according to Fio figures. Fio's Hungarian investors are also willing to take greater risks, with high-risk "pink sheet" shares accounting for almost one-third of their trades, he said.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.