1 December 1982
The first corporate bond issue after the war: Law-Decree 26 of 1982 of the Presidential Council enters into force regarding
the bond; the National Petroleum and Gas Industry Trust (predecessor to MOL) issues
bonds, organized by the State Development Bank (SDB), to business entities.
15 March 1984
The first retail bond issue: The bond of the Pest County Industrial-Trade Corporation appears, the first
retail bond under the aegis of the SDB.
18 October 1986
The first “open day” at the SDB: Buying and selling takes place in the premises of the bank directly and in the
form of an auction; the rates have an impact on the bank’s official price quotes
as well.
20 July 1987
Declaration regarding securities trading: 22 banks and insurance companies commit themselves to coordinating securities
trading and establishing the conditions for an organized market. In December
the Securities Trading Agreement is signed.
19 January 1988
The first experimental “exchange day”: The participating banks buy and sell several hundred million Forints worth of
bonds. The Securities-Trading Secretariat is established.
5–7 March 1988
Stock exchange conference at the Hilton: All important figures of the future stock exchange are present among the speakers.
André Kostolany, doyen of Hungarian stockbrokers, also speaks.
9 February 1989
Establishment of the CA-BB brokerage firm: Budapest Bank and the Vienna-based Creditanstalt found a joint brokerage firm,
which under the name CA-IB later becomes an important player in the privatization
share issues.
May 1989
Personnel change at the head of BSE Board of Directors: Former Finance Minister Lajos Faluvégi takes over leadership of the Board after
previous Chairman Zsigmond Járai is appointed as Deputy Finance Minister.
15 August 1989
Terménytőzsde Kft. (Produce Exchange Ltd.), predecessor of the future Commodity
Exchange is founded: The company is established by Agrimpex, Konzumbank, Országos Kereskedelmi és
Hitelbank (OKHB), Mezőbank, Zöldker Egyesülés (Green Trader Association), and
Zöldért of Bács County with registered capital of HUF 1.9 million; its CEO is
Szergej Keresztesi.
1 March 1990
The first securities act enters into force: The law regulates public offerings and the stock exchange’s legal status, and
creates the State Securities Supervisory Authority (SSSA).
13 March 1990
Girozentrale Budapest is established: The Austrian owned investment bank’s Hungarian subsidiary is led by Peter Zelnik.
19 June 1990
Establishment of BSE: Forty-one banks, brokerage firms and insurance companies, as well as the National
Bank of Hungary (NBH) found the Budapest Stock Exchange (BSE); Lajos Bokros is
appointed as its Chairman.
21 June 1990
The opening of the stock exchange: The first – one and a half hour – trading day is held in a room on the first
floor of an office building on Váci utca during which trading of IBUSZ, the first
publicly issued share, takes place.
18 July 1990
Statutory meeting of the Budapest Commodity Exchange (BCE): 28 founding members establish the grain section; Terménytőzsde Kft. changes
its name to Árutőzsde Kft.
1 April 1991
Publication of the Budapest Stock Exchange Index: BSEI, the temporary stock exchange index – calculated retroactively to the beginning
of the year – is published for the first time. Its initial value as of 2 January
1991 is 1,000 points.
31 July 1991
Establishment of the Central European Broker Training Foundation: The organization is formed with the aim of organizing securities licensing examinations
and providing professional education and trainings.
4 May 1992
The new stock exchange hall is inaugurated: Trading continues in the stock exchange hall at Vörösmarty tér.
17 December 1992
BSE-BCE pact: An agreement is born between the two Exchanges regarding the necessity of a
commodities law, the establishment of a joint clearing house and the status of
the foreign currency market as an area of competition; an area in which both Exchanges
may engage.
21 March 1993
Launch of the CMSS system: The CMSS electronic trading system is deployed on BSE, partly with the support
of the European Union’s Phare program.
17 September 1993
Concorde is established: The brokerage firm is led by György Jaksity.
12 October 1993
The establishment of KELER: Through joint ownership of BSE, BCE and NBH the Central Clearing House and Depository
Ltd. (KELER) is established with a registered capital of HUF 500 million.
4 February 1994
Bankruptcy of Lupis Brokerage House: One of the major trading firms goes bust. The Hungarian owned brokerage firm
deals the first serious blow to the capital market.
29 March 1994
The BCE Act: The Parliament adopts the Act on the Commodity Exchange, on the basis of which
the Commodity Exchange turns into a sui generis institution, as does BSE. In November the official transformation takes place.
9 November 1994
Richter listing: Shares of the pharmaceutical company Richter Gedeon appear on BSE.
6 January 1995
Publication of the BUX index: The index which until that point had operated on a temporary basis becomes official,
and now consists of 17 shares.
31 March 1995
The launch of the derivatives market. BUX, DEM, T-bill and USD contracts were
listed.
10 August 1995
OTP share listing: The bank’s ordinary shares are introduced to BSE; in November MOL shares appear
on the trading floor, and from the end of the year the privatization boom commences
on the stock exchange.
28 November 1995
Listing of MOL shares: The issue price of the company’s shares is HUF 1,100.
1 February 1996
Publication of the CESI index: In the spirit of its endeavor to achieve a regional role BSE begins publishing
the Central European Stock Exchange Index (CESI), which includes the shares of
50 to 70 stock exchanges based in the region.
1 January 1997
The second securities act: The second securities act enters into force, which more strictly regulates public
offerings and price-making; the State Financial and Capital Market Supervisory
Authority (SFCSA) is established.
September 1997
The number of BSE members is at a record high: In addition to NBH 62 investment service providers are members of the Stock
Exchange. A total of 101 securities trading companies operate in the Hungarian
market.
28 October 1997
BSE’s “black Tuesday”: 1,292 point tumble, which is followed by further declines spurred by the East
Asian stock market crisis.
14 November 1997
Matáv’s shares on the New York Stock Exchange: The Hungarian telecommunications company’s American listing takes place simultaneously
to its debut on the Budapest Stock Exchange.
1 July 1998
Launch of the equity futures market: It becomes possible to conclude futures transactions for MOL, Matáv, Borsodchem
and OTP.
17 August 1998
Beginning of the Russian crisis: The Ruble is devaluated; one of the greatest stock market crises, the Russian
stock market crash spreads to the Hungarian market.
20 November 1998
The beginning of MMTS: Launch of the first phase of the MMTS electronic trading system.
17 September 1999
The open outcry system is discontinued: The switch to electronic remote trading is made on the derivatives market of
BSE with the help of MMTS system.
19 December 1999
BSE General Meeting: Decision is made to turn BSE into a private company limited by shares as a distant
goal and regarding the distribution of BSE’s assets among the members.
21 January 2000
The stock exchange hall closes: The computers necessary for trading are relocated to the stock exchange hall.
1 April 2000
The establishment of the HFSA: The Hungarian Financial Supervisory Authority is created through the merger of
SFCSA and the insurance and fund supervisory authority.
4 April 2000
The first Stock Exchange stake auction: Trading of BSE shares commences.
1 January 2002
Third securities act: The new law enters into force which contains uniform provisions pertaining to
both the stock and commodities markets and mandates the transformation of BSE
and BCE into company form by the end of 2003.
30 April 2002
Decision on BSE’s transformation into an Ltd.: The BSE General Meeting adopts the exact conditions of transformation to a private
company limited by shares.
18 December 2002
Decision on BCE’s transformation into an Ltd.: The commodities exchange is established as a private company limited by shares
effective 31 December.
20 May 2003
BCE Ltd.’s statutory meeting: Sándor Török is elected Chairman of the Board.
13 August 2003
BSE connects to the Xetra system: By connecting to the Frankfurt system transactions for securities listed on
the Deutsche Börse are also settled by KELER.
9 December 2003
BCE decision on integration: A 96 percent majority of the General Meeting of the Commodity Exchange adopts
the proposal aimed at integration with BSE.
19 February 2004
BSE decision on integration: At the Extraordinary General Meeting representatives of the new major shareholders
(Arago, Baál, Cashline) are included in the Board of Directors and the Supervisory
Board, and a decision is reached on the integration of the two Hungarian exchanges.
18 May 2004
Austrian shareholders acquire the majority of both Exchanges: The consortium led by HVB Bank (Erste Bank, Raiffeisen Bank, ÖKB and the Vienna
Stock Exchange) becomes majority owner of BSE and BCE.
29 June 2004
New Chairman of BSE: Chairman György Jaksity steps down at the General Meeting held in June. He is
succeeded by Attila Szalay-Berzeviczy.
23 March 2005
EU permission for the acquisition of the exchanges: The European Commission authorizes the consortium led by HVB Bank and the Vienna
Stock Exchange to acquire a majority stake in BSE, and gives permission to buy
out BCE and KELER.
2 November 2005
Establishment of BSE commodities section: On 28 October trading on the Budapest Commodity Exchange is discontinued; from
2 November in the BSE commodities section traders can deal in grain.
19 March 2007
Move to Andrássy út: BSE moves from the Stock Exchange Palace on Deák Ferenc utca to Andrássy út,
to the former Herzog palace.
6 February 2008
Certificates on the stock exchange: A new line of products offering wide-scale investment opportunities appears
from 6 February 2008 on the Budapest Stock Exchange.
30 September and 2 October 2008
The Vienna Stock Exchange increases its ownership: BSE’s ownership structure changes after the Vienna Stock Exchange purchases UniCredit
Bank (formerly HVB) Hungary Zrt.’s 25.2 percent package, and Raiffeisen and Erste
Bank’s packages worth 6.37 percent each, and ÖKB acquires Erste Befektetési Zrt.’s
nearly 5.85% stake. The Vienna Stock Exchange and the Österreichische Kontrollbank
AG hold an overall stake of 68.8 percent in the company.
14 January 2010
BSE becomes a member of the CEE Stock Exchange Group: BSE in addition to the Vienna, Ljubljana and Prague Stock Exchanges becomes
a member of the CEE Stock Exchange Group. The Stock Exchange Group jointly offers
easy access to four attractive markets with long-term growth prospects. Simultaneous
to the establishment of the Group two joint indexes are also launched under the
names CEETX – CEESEG Traded Index and CEESEG Composite.
21 June 2010
20th anniversary of the Budapest Stock Exchange and the 5,001st Exchange Day on BSE.
Source: Budapest Stock Exchange, HVG and Tőzsde Született 1864–1990, a publication of the Budapest Stock Exchange, Budapest, 2007
