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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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