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October 28 last day of trading on Budapest Commodities Exchange

The boards of the Budapest Stock Exchange (BSE) and the Budapest Commodities Exchange (BCE) approved on Thursday the contract for the merger of the BCE with the BSE, according to an announcement on the BSE homepage. The last trading day on the BCE will be October 28, and the BSE will open its new commodities section on November 2, the
following working day. All unclosed positions on the BCE will be automatically transferred to the BSE at no additional cost to investors. BCE traders can trade on the BSE after acquiring a BSE trading licence.
The BSE will open a new commodities section where trading in grain will be transferred. Grain trading will use the open outcry method as before. Foreign exchange and derivatives trading will be transferred to
the BSE's existing forex and derivatives section. The integration of the two bourses will reduce costs significantly and improve the position of Hungary's capital market, according to the announcement. With the creation of a single foreign exchange market, liquidity will increase and the market will become more transparent. The grain futures and options market will become accessible to Hungarian and foreign financial investors as well as professional investors. A group of Austrian investors led by HVB Bank and including the Vienna Stock Exchange hold a little more than 68% in the BSE and about three-fourths of the BCE. The owners approved the merger at the exchanges' respective annual general meetings in May.