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MTS to launch electronic market for Hungarian govt debt

MTS, a facilitator for European electronic fixed income trading market, on Thursday said it had signed a memorandum of understanding with Hungary's government debt management agency ÁKK to launch an electronic interdealer market for local government debt.

The market will aim to be operational by the first week of January 2012, MTS said.

Hungary will join the existing 15 countries that already use MTS for their primary and secondary government bond markets, it added.

MTS's trading market has over 500 unique counterparties and average daily turnover exceeding €85 billion.