Bloomberg News

Budapest Finds Deal With Brokers on Introducing Xetra

March 27, 2012

The Budapest Stock Exchange has found a compromise with Hungary’s biggest brokers on introducing the Xetra trading platform in the second half of next year, according to the bourse’s owner.

After “very intense talks” with all market participants “we’ve agreed on a joint market model and on the system,” Michael Buhl, who co-heads the CEE Stock Exchange Group, told reporters in Vienna today, without elaborating.

The group, which also owns the Vienna, Ljubljana and Prague bourses, has already introduced the trading platform in the Austrian and Slovenian capitals and plans to roll it out to the Czech exchange by the end of this year. Five of Hungary’s biggest brokers have opposed the introduction Xetra, saying it will erode the local Hungarian capital’s stock market.

Xetra “no longer is questioned,” Buhl said, adding that formal decisions will be made at a board meeting of the Budapest exchange and at the bourse’s annual general meeting at the end of April.

To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net


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