The National Bank of Hungary (MNB) has acquired a 53.33% stake in KELER Central Counterparty, a company that took over guarantee services related to stock exchange transactions from central clearing house KELER from January 1, 2009, KELER Central Counterparty said on Thursday.
The acquisition required an amendment to the Central Bank Act. The MNB’s stake in KELER Central Counterparty is the same as its stake in central clearing house KELER. The Budapest Stock Exchange owns the remaining stakes in both clearing house KELER and KELER Central Counterparty.
KELER Central Counterparty was established to comply with a recommendation by the ECB, which argued that combining clearing and guarantee activities creates unnecessary risk. (MTI-Eco)