Hungarian Brokerages Concerned About Xetra System Launch
05 Settembre 2011 - 12:23PM
Dow Jones News
Hungarian brokerages and investment service providers expressed
concern Monday over the introduction of the Xetra trading system on
the Budapest bourse.
The Budapest Stock Exchange, 68%-owned directly and indirectly
by Austria's Wiener Boerse, will hold an extraordinary meeting
Tuesday at 1100 GMT to decide on the introduction of the Xetra
trading system.
"This severely hurts interests of local brokerages, as well as
Hungary's budget," Arpad Pal, chief executive of Concorde
Securities, said at a press conference.
The Budapest bourse expects 28 new foreign members on the
Budapest Stock Exchange after the introduction of the Xetra
system.
"These service providers will press buttons outside Hungary,
paying no domestic taxes whatsoever; they also won't likely cover
relatively small local firms," Pal noted.
Xetra is a Frankfurt-based, worldwide electronic securities
trading system, run by Deutsche Boerse AG (DB1.XE).
The brokerages, responsible for 47% of volumes on the Budapest
Stock Exchange, also noted that Deutsche Boerse is set to merge
with the NYSE Euronext (NYX).
"It would be wise to await until it turns out which trading
platform will eventually become the common one; it will most likely
not be the Xetra system," Peter Tolgyesi, chief executive of Buda
Cash Brokerage said, adding the Xetra introduction would therefore
be a redundant cost.
-By Veronika Gulyas, Dow Jones Newswires; +36-20-433-2074;
veronika.gulyas@dowjones.com
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