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Market Passport

Hungary

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Market information

Supporting you

Key market information

  • Local currency

    Hungarian
    Forint (HUF)

  • 2017 GDP

    USD
    152bn

  • Time zone

    GMT
    +1 hour

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    BUX

Key market figures

Market capitalisation USD 26bn
Number of listed companies 41
2017 value of share trading USD 9.5bn
Number of ETFs listed 1

Local market infrastructures

Equities Corporate bonds Government bonds
Main trading venue BSE BSE MTS Hungary
Main clearing venue KELER KELER KELER
Settlement and custody KELER KELER KELER
Cash leg MNB MNB MNB

Local market authorities and regulators

  • The National Bank of Hungary is responsible for the stability of the financial system as a whole and regulates and supervises the securities markets (brokerage houses, financial institutions, the stock exchange and CSD)

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cut-off times
Equities 5.30pm
Bonds 5.30pm
Cash Varies
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Tolerance limits

HUF 5,000 for OTCs, the buyer’s price prevails.

No tolerance limit for trades on the stock exchange.

Examples of market penalties

There is a market penalty only for on-exchange transactions.

Default fee, charged in case of securities or cash non-performance on settlement date (SD) after 2.00pm: HUF 40,000 to be paid to the CSD and HUF 60,000 to be paid to the CCP.

Non-performance fee, charged in case of securities non-performance on SD after 2.00pm: scaled depending on the value of the failed trade. Fee between HUF 300,000 and 1,000,000 per day.

Non-performance surcharge, charged in case of securities non-performance after SD 4.00pm: twice the National Bank of Hungary base rate.

Buy-in practice

There is a buy-in process only for on-exchange transactions that the CCP will start on SD+2 in case the securities are not delivered by the defaulting member.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Hungary

We are a top-rated securities services provider in Hungary with the expertise of a leading global custodian and are the only bank locally to have ISAE 3402 certified operations.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Auctions settlement for foreign primary dealers of local government bonds
  • Escrow agency services for strategic acquisitions

What makes us different

  • Support of the financial markets constant modernisation, including the Corporate Actions reform, a major initiative recently launched by the local CSD
  • The recognised leader in market forums and tests related to the migration of the CSD system to BaNCS, being the pilot testing bank of the new platform
  • The only bank to have ISAE 3402 certified operations

Selected market recognition

  • Global Custodian Agent Bank Emerging Markets Survey (2016-2017): Winner, with a special award in 2017 for Global Excellence in Relationship Management and Client Service
  • Global Investor Investment Excellence Awards (2017): ranked first – unweighted

A sound partner

BNP Paribas Securities Services Hungary was established in 2008 as a full branch of BNP Paribas Securities Services. BNP Paribas has been a top 10 banking group since 1978, now holding 3 banking licenses in Hungary, with over 600 employees.

Contact

For more information, please contact your relationship manager or
Andrea Retai, Head of Sales and Relationship Management
andrea.retai@bnpparibas.com

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