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Hungarian investment service providers seek government's assistance - press release

In a joint press release of Buda-Cash Brokerhouse Co. Ltd., Concorde Securities Ltd., Equilor Investment Ltd., Erste Investment Hungary and the Hungarian Branch of ING Bank N.V., which together account for half the total trading volume of Hungarian players on the Budapest Stock Exchange, state that Austrian owners of the Budapest Stock Exchange is jeopardising future of Hungarian capital markets and threatening Hungarian jobs

As a result, Hungarian investment service providers are seeking the assistance of the Hungarian Financial Supervisory Authority (HFSA), the National Bank of Hungary (NBH) and the Government with regard to the measures to be taken.

The Vienna Stock Exchange (WBAG), the majority owner of the BSE, wishes to introduce, alongside
the current – perfectly functioning – trading system a new system that is not only superfluous and entails numerous additional burdens for the Hungarian service providers, but will enable foreign firms (who do not pay bank tax in Hungary) to flood into the Hungarian market, thereby jeopardising the future of the Hungarian capital market and threatening domestic jobs, says the press release.

The five largest investment service providers in the Hungarian capital market, which together generate 47% of the trading volume on the Budapest Stock Exchange, approached the chairman of the HFSA and the governor of the NBH as well as the Minister for the National Economy, after the Board of Directors of the BSE convened an extraordinary general meeting for 6 September, where decisions could be taken that would result in the atrophying of the Hungarian capital market.