Market infrastructure - Hungary


Institutions and organisation

Stock Exchange – Budapest Stock Exchange (BSE –

The Budapest Stock Exchange, the only stock exchange in Hungary, operates under the supervision of the Central Bank of Hungary (CBH). It has traded in commodities since October 2005, when the Budapest Commodity Exchange (BCE) and BSE integrated.

CSD – KELER Ltd. (KELER Central Depository Ltd. / KELER Központi Értéktár Zrt. –
CCP – KELER CCP Ltd. (KELER CCP Counterparty Ltd. / KELER KSZF Központi Szerződő Fél

KELER Ltd. and KELER CCP operate under the supervision of the CBH.

All trades concluded on the BSE must by law be settled at KELER Ltd. Settlement of most transactions in equities and fixed income securities, on-exchange or OTC, is conducted through KELER Ltd's RTGS securities settlement system, linked to VIBER (the RTGS of the CBH).

KELER Ltd’s responsibilities include, in this respect, the maintenance of cash accounts – for non-bank CSD participants / investment service providers who are not members of the VIBER system – in order to ensure the financial settlement of exchange transactions on behalf of BSE members and CBH licensed securities dealers. Cash settlement of securities transactions in KELER Ltd. is possible on cash accounts kept with KELER Ltd. and with the CBH. KELER Ltd. provides banking services mainly for brokers; banks usually keep their cash account with the CBH.

KELER Ltd. provides settlement and depository services for all dematerialised securities issued in Hungary, including equities and corporate and government debt. KELER Ltd. also provides registration services for a number of registered shares, including BSE-listed blue chips.

Regulatory structure

  • The Central Bank of Hungary (CBH –

    The CBH is the financial supervisory authority in Hungary, ensuring reliable, continuous and transparent operation of the financial markets. It oversees the payment and settlement systems, including securities clearing and settlement systems, and is the majority (53.33%) shareholder in KELER Ltd.