Budapest Stock Exchange profit, revenue drop slightly in 2013
The Budapest Stock Exchange’s revenue dropped about 2% to HUF 2.4 billion in 2013, and after-tax profit dropped about the same to HUF 565 million, CEO Zsolt Katona announced today. Katona stated that the bourse’s introduction of the Xetra trading system late last year was expected to attract new brokerages, investment banks and share issues in ’14.
Katona said that Hungarian capital had been drawn to investment funds as the central bank easing cycle continued. But as investment fund yields approach the base rate, investors will look for new opportunities, he reckoned.
According to official statistics, foreign-based members of the BSE account for 17% of its turnover at present, though Katona expects this figure to increase “as Xetra eases access to the bourse for foreign traders.”
[Editor’s note: Due to a late correction by national news service MTI to this story, it has been edited. The original version posted to this website at 1pm CET, stated that BSE revenue had in fact shed 31% year-on-year in 2013. BBJ also notes that after-tax profits for the BSE 2011 were announced at over HUF 1.125 billion, nearly double the figure of last year.]
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