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Cashline to close doors, transfer clients to Buda-Cash

Hungarian brokerage Cashline Ertekpapir is closing its doors and sending its clients to peer Buda-Cash, business daily Napi Gazdasag reported on Tuesday.

Cashline staff was informed that the transfer of clients to Buda-Cash would take about three months, the paper said. Cashline owner Otto Albrecht told the paper that the fall in turnover on the Budapest Stock Exchange, the extraordinary financial sector levy and the discontinuation of the country's private pension funds meant there was no outlook for growth on the market.

Cashline generated the third-biggest turnover among brokers on the BSE in 2010, data compiled by the bourse show. Buda-Cash was the eighth-biggest broker last year. (Econews)