Budapest Stock Exchange Ltd. (CEE Stock Exchange Group)

www.bse.hu  
Tel : 36 1 429 6700
Fax : 36.1 429 6800

 

Representatives

Chairman : Dr. Michael Buhl

Chief Executive Officer : Dr. György Mohai

 

 

 

 

Types of Securities Traded Name of Trading Systems (cash and derivatives) Trading Hours

Equity section
Equities
Compensation notes

Investment funds

Certificates

MMTS I
MMTS II
Equities Section
- Opening order-collection
 sub-period 8:30 - 9:00/9:01
- Opening sub-period of
 transactions 9:00/9:01 - 9:02
- Free period 9:02 - 16:30
- Closing order-collection
 sub-period 16:30 - 16:35/16:36
- Closing sub-period of
 transactions 16:35/16:36
Debt securities section
T-bills
Government bonds
Mortgage bonds
Corporate bonds
Bonds of international
Debt Securities Section
- Order collection period
 8:45 - 9:00
- Free period
 9:00 - 16:30
Derivatives section
Futures market : Equity and BUX futures, Interest rate and currency futures ; Options market : Equity and BUX options, Currency options ; Commodity market : Grain products, Grain futures and options

Equity and BUX futures :

- Opening order collection period  08:30-09:00/09:01

- Opening order matching  09:00/09:01-09:02

- Free period  09:02-16:30

- Spread order matching  09:02-16:30

- Closing order collection period  16:30-16:36/16:37

- Closing order matching  16:36/16:37

Interest rate and currency futures :  
- Free period 9:02-16:30 
- Closing order-collection period
  16:30 - 16:36/16:37
- Closing order matching 16:36/16:37

Equity and BUX options :

- Opening order collection period  08:30-09:00/09:01

- Opening order matching  09:00/09:01-09:02

- Free period  09:02-16:30

Currency options :

- Free period  09:02-16:30

Grain products : Free period  10:00-11:55

Grain futures and options :

Continuous trading  10:00-11:55

Closing period  11:55-12:00

Commodities section
Grain

Commodites section                 
- Free period 9:02-16:30

- Closing order-collection sub-period
  16:30-16:36/16:37 
- Closing sub-period of transactions : 16:36/16:37
 
 

 

Supervisory Body

Hungarian Financial Supervisory Authority

Name of Clearing & Settlement Organization

Central Clearing House
and Depository Rt.
(KELER)

Settlement Cycle

The settlement of transactions concluded in the Equities Section and the Debt Securities Section
(with the exception of fixed and auction deals) takes place together, on a rolling basis, in the
Equities Section with a T+3 day cycle, in the Debt Securities Section with a T+2 day cycle, based
on the principle of multilateral offsetting. (T stands for the transaction day,
the days are understood in business days.)

Name of Central Securities Depository

Central Clearing House
and Depository Rt.
(KELER)

Commissions on Transactions levied by Exchange

A'The transaction fee payable against each deal in the Equities Section shall be
.015 percent of the transaction value expressed in forints, with a minimum of HUF 50
and a maximum of HUF 35,000, where those transactions that were realised on both the
buyer-side and the seller-side from one offer in a given month are considered as a single
transaction when calculating the transaction fee.

The transaction fee payable against each deal in the Debt Securities Section shall be
.001 percent of the transaction value expressed in forints, with a minimum of HUF 25 and a
maximum of HUF 1,000, where those transactions that were realised on both the buyer-side and
the seller-side from one offer in a given month are considered as a single transaction when
calculating the transaction fee.

The Transaction Fee Payable Against Each Deal in the Derivatives Section
The Budapest Stock Exchange grants a discount of 50% for each day trade
in futures or options contracts (day trade transactions are opened and closed on the same Exchange day).
In the derivatives section transaction fees paid for day trade transactions (opening, and closing on a single given
exchange day) are calculated on the basis of the contracts made. Futures Products. The transaction fees payable against a deal in futures products are listed in Annex 1. The fee charged for equity and index-based futures Contracts is determined on the basis of the following principles:

a) Transaction fees payable against equity and index-based futures Contracts shall be reviewed on the first Exchange Day
after June 15 and December 15.

b) During the review, transaction fees payable against equity and index-based futures Contracts shall be calculated in a manner
whereby the transaction fee payable against a single Contract corresponds to 0.0045 percent of the Market Value of the given
Contract.

c) During the review, the mathematical average of daily cash market Closing Prices of the Underlying Product in the month
preceding the date of the review shall be taken into account for the purposes of determining the Market Value of the Contract.

d) The transaction fees valid from the first calendar day of the month following the month of review until the last calendar day
of the next review month (from January 1 to June 30, and from July 1 to December 31) shall be set by rounding the values
received from the previous calculation to the nearest HUF 5. Whenever a new equity or index-based futures product is listed,
the CEO sets the fees payable for transactions in the given product.

Options Products The transaction fees payable against a deal in options products are listed in Annex 2 of the BSE regulation "Order on Schedule of fees applied by the Exchange". Transaction fee payable against each deal in the Commodities Section In this section, transaction fees paid for day trade transactions (opening and closing on a single given exchange day) are calculated on the basis of the contracts made.

The BSE grants a discount of 50% for day trade transactions. Transaction fees for certain products of the Commodities section are included on Appendix 3 of BSE "Order on the schedule of fees applied by the Exchange".

Taxes on Dividends, Interests

20 % tax on capital gains 10 % dividend tax

2007 Share ownership thresholds (%)

5%
Any incremental increase by 5%. After 90% each increase per cent.

Short selling (Yes / No)

Yes

Short selling conditions (if any)

No

 

This page was last updated on: 01/21/2013 - 16:24