Budapest Stock Exchange
The Budapest Stock Exchange is Hungary's sole licensed multi-asset securities exchange, operating equities, bonds, ETFs, derivatives, and commodities markets on the Deutsche Börse T7 platform for domestic and regional issuers, broker members, and investors.
- Company typePublic
- Founded1864
- HeadquartersBudapest, Hungary
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Budapest Stock Exchange does
The Budapest Stock Exchange (BÉT) is Hungary's sole licensed multi-asset securities exchange, operating continuous cash-equity, bond, ETF, derivative, and commodity markets under the oversight of the Magyar Nemzeti Bank, which has owned the venue since 2015. Founded in 1864 and re-established in 1990, the exchange runs the Deutsche Börse T7 trading system and integrates with KELER for central securities depository and clearing services, creating a vertically aligned trading-and-post-trade stack for Hungarian and regional participants. It serves domestic and regional issuers (including blue chips such as OTP, MOL, Magyar Telekom, and Richter Gedeon), broker-dealer members, institutional investors, and an expanding retail/passive investor base drawn to the BUX index and the growing ETF shelf.
The exchange generates revenue through a diversified mix of transactional, recurring, and ancillary streams: trading and clearing transaction fees, annual membership and connection fees, listing and issuer service fees, market-data distribution, and market-making activities (including the recently launched VIG market-making programme). Its commercial strategy in 2025 has emphasized product surface expansion — most notably adding 23 new ETFs to the BETa Market — alongside regional outreach through the V4+CEE conference and the ELITE programme aimed at scaling its issuer pipeline beyond Hungary.
Operationally, the exchange is a for-profit but state-aligned financial-market infrastructure utility with 51–100 employees, governed by the central bank and reliant on partnerships with international venues (Deutsche Börse) and domestic clearing infrastructure (KELER). Leadership transitioned in May 2025 with the appointment of Tóth Tibor as CEO, signaling a renewed commercial orientation. The combination of monopoly regulatory status, entrenched post-trade integration, and a broadening product shelf underpins the exchange's growth posture, though its scale remains regionally constrained.
Budapest Stock Exchange firmographics
Firmographics- Name
- Budapest Stock Exchange
- Legal name
- Budapesti Értéktőzsde Nyrt.
- Website
- https://bse.hu
- Company type
- Public
- Founded year
- 1864
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- The Budapest Stock Exchange is Hungary's sole licensed multi-asset securities exchange, operating equities, bonds, ETFs, derivatives, and commodities markets on the Deutsche Börse T7 platform for domestic and regional issuers, broker members, and investors.
- Ownership category
- akta.pro rank
Budapest Stock Exchange industry classification
Industry- Product category
- Securities Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Equity Index Futures & Options Exchanges (FSAFABAA)
- akta.pro secondary industries
- Government Bond (Sovereign) Trading Platforms (FSAFACAA), Corporate Bond Trading Platforms (FSAFACAB), Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB), Analytics, Risk Models & Factor/Style Indices (FSAFAIAG)
Keywords
Where Budapest Stock Exchange is headquartered
LocationHeadquarters
- HQ city
- Budapest
- HQ country
- Hungary
- HQ region
- Europe
Offices1 record
Markets served
Budapest Stock Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
Revenue model
- Transaction Fees: Fees charged to members for executing trades on the exchange across cash and derivatives markets
- Membership Fees: Annual fees paid by exchange members (brokers, trading firms) for trading licenses and access
- Listing Fees: Fees for listing securities on the exchange including initial listing and ongoing compliance
- Data Services: Market data provided to vendors and data consumers including real-time and delayed quotes
- Market Making: Services supporting market liquidity through designated market maker arrangements
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Exchange membership fees for trading firms |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels7 records
Budapest Stock Exchange product offering
Product offeringCore offering
Budapest Stock Exchange operates Hungary's primary securities exchange, providing trading infrastructure across cash markets (equities, ETFs, government and corporate bonds, treasury bills, mortgage bonds, certificates, mutual funds), derivatives markets (stock and index futures and options, currency and interest rate futures), and commodities markets (grain futures, options, and spot grain). It also runs dedicated market segments for SMEs (BÉT50, BSE Xtend, BSE Xbond, BETa Market) and offers green products platforms, ESG advisory, market making, and market data distribution services.
Product overview
Budapest Stock Exchange (BSE/BÉT) operates as a comprehensive financial marketplace offering a multi-asset platform with distinct product categories: Cash Market (equities, ETFs, bonds, certificates, mutual funds), Derivatives Market (stock/index futures, currency and interest rate futures, options), Commodities Market (grain futures, options, spot grain), and BETa Market (SMEs). The exchange provides issuer services including BSE Xtend (equity listing for medium companies), BSE Xbond (bond market growth), BÉT50, ELITE Programme, and Mentoring Program. Supporting services include Green Products Platform, BSE ESG sustainability reporting, Market Making for liquidity, Data Services, and T7 trading infrastructure.
Differentiator
Problem solved
Functional benefit
Brands
- BETa Market: Market segment for smaller capitalization equities and ETFs
- BUX Index
- BUMIX Index
- CETOP NTR Index
- BÉT50
- BSE Xtend
- BSE Xbond
- BÉT Campus
Products and services
- Cash Market Primary trading venue for equities, mutual funds, ETFs, treasury bills, government bonds, mortgage bonds, corporate bonds, certificates, and green products on the Budapest Stock Exchange.
- Derivatives Market Trading venue for futures and options on individual stocks, stock indices, currencies, and interest rates for institutional and professional investors.
- Commodities Market Agricultural commodity trading platform offering grain futures, grain options, and spot grain market transactions.
- BETa Market Dedicated market segment for smaller capitalization equities and ETFs with simplified listing requirements, designed for SMEs and emerging companies.
- BSE Xtend Stock exchange market segment for medium-sized companies offering simplified access to capital markets with streamlined listing requirements.
- BSE Xbond Bond market segment supporting the growth of corporate bond offerings for medium-sized companies.
- BÉT50 Program Program recognizing fifty prosperous Hungarian companies and supporting medium-sized enterprise visibility and capital market development.
- ELITE Programme Growth support program for medium-sized companies preparing for capital markets access and stock exchange listing.
- Mentoring Program
Quantifiable outcome
- First stock exchange in the region to introduce options and futures trading
- +2 more outcomes
Companies that use Budapest Stock Exchange
Customer profileNamed customers7 records
Segments5 records
Budapest Stock Exchange technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Budapest Stock Exchange partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- KELER (Central Securities Depository)coreKELER serves as the central securities depository and clearing house for BSE, providing essential settlement services. BSE leadership includes members on KELER's supervisory board and management.
- Deutsche Börse (T7 Trading System)coreBSE operates the T7 trading system (Xetra platform) developed by Deutsche Börse for securities trading, including simulation calendar for testing.
- OTP BankminorOTP Bank representatives participate in BSE's Index Committee and Sustainability and Corporate Governance Committee.
- MOL Plc.minorMOL Plc. representatives participate in BSE's Sustainability and Corporate Governance Committee.
- Magyar TelekomminorMagyar Telekom representatives participate in BSE's Sustainability and Corporate Governance Committee.
- Richter GedeonminorRichter Gedeon representatives participate in BSE's Sustainability and Corporate Governance Committee.
- Climate Bonds Initiative (CBI)minorBSE follows CBI Standard for green debt securities classification under the MNB Green Bond Issuance Guidelines.
- International Capital Markets Association (ICMA)minorBSE follows ICMA's Green Bond Principles (GBP) for green debt securities classification under the MNB Green Bond Issuance Guidelines.
- Central Bank of Hungary (MNB)coreMNB published Green Bond Issuance Guide in January 2022 which BSE follows for green debt securities classification. BSE follows provisions of MNB's Green Bond Issuance Guidelines.
- Deutsche Bank AG HungaryminorDeutsche Bank representatives participate in BSE's Sustainability and Corporate Governance Committee.
- Amundi Asset ManagementminorAmundi Asset Management representatives participate in BSE's Sustainability and Corporate Governance Committee.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Budapest Stock Exchange competitors and assessment
Company assessmentBroad incumbents
- Nasdaq Tallinn/Stockholm (Nasdaq Baltic & Nordic): Operates Baltic and Nordic exchanges with parallel cash equities, bonds and ETF venues and an SME First North growth segment. Comparable as a multi-country small-market exchange operator competing for regional listings and ETF flow.
- Euronext: Pan-European exchange operator running Amsterdam, Brussels, Lisbon, Dublin, Milan, Oslo and Paris cash and derivatives markets, with indices and listing franchises. Comparable in multi-asset, multi-country exchange model and a potential acquirer/competitor for CEE cross-listings.
- Deutsche Börse (Xetra): Operator of the Xetra T7 platform licensed to BSE and of the Frankfurt cash market. Comparable as a regulated exchange operator with index/data franchises; BSE is a technology customer and competing venue for cross-listings.
- Vienna Stock Exchange (Wiener Börse): Long-time BSE counterparty as part of former CEESEG grouping; runs a much larger CEESE/CEG CEE multi-market platform alongside global standards exchanges. Comparable in product breadth and CEE focus but materially larger scale.
Direct peers
- Prague Stock Exchange (PSE): Czech equity, bond and structured product venue formerly part of CEESEG. Comparable in scale, multi-asset scope, regional focus and SME/start-up market development programs targeting Central European issuers.
- Zagreb Stock Exchange (ZSE): Croatian multi-asset exchange trading equities, bonds, ETFs and derivatives with a Prime/Regular market split and an SME-focused segment. Closely matches BSE's structure and CEE regional mandate.
- Athens Stock Exchange (ATHEX): Operates the Greek cash equities, derivatives (via ATHEXClear) and ETF markets alongside an ASE index franchise. Comparable mid-sized European exchange with multi-asset structure and exchange-group model targeting EM European flows.
- Warsaw Stock Exchange (GPW): Largest exchange in CEE, operating NewConnect for SMEs, cash and derivatives markets, and exchange-listed investment products. Most direct comp on geography, multi-asset structure, SME programs, and emerging market growth profile.
- Ljubljana Stock Exchange (LjSE): Slovenian exchange operator with cash equities, bonds, funds and derivatives, formerly part of CEESEG. Comparable in size and a direct regional competitor for CEE/V4 cross-listings.
- Bucharest Stock Exchange (BVB): Romanian operator of equity, bonds, funds, derivatives and an SMT/AeRO growth segment for SMEs. Directly comparable in size, CEE regional positioning, multi-asset offering, and SME listing support initiatives.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Budapest Stock Exchange social profiles
Digital presenceBudapest Stock Exchange compliance and trust
Trust signalCompliance1 record
Budapest Stock Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
Budapest Stock Exchange leadership team
Management profileNumber of profiles
Budapest Stock Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Budapest Stock Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Budapest Stock Exchange
What does Budapest Stock Exchange do?
Budapest Stock Exchange operates Hungary's primary securities exchange, providing trading infrastructure across cash markets (equities, ETFs, government and corporate bonds, treasury bills, mortgage bonds, certificates, mutual funds), derivatives markets (stock and index futures and options, currency and interest rate futures), and commodities markets (grain futures, options, and spot grain). It also runs dedicated market segments for SMEs (BÉT50, BSE Xtend, BSE Xbond, BETa Market) and offers green products platforms, ESG advisory, market making, and market data distribution services.
Is Budapest Stock Exchange a public or private company?
Budapest Stock Exchange is a public company. It is currently operating.
When was Budapest Stock Exchange founded?
Budapest Stock Exchange was founded in 1864. It employs 51 to 100 people.
Where is Budapest Stock Exchange based?
Budapest Stock Exchange is headquartered in Budapest, Hungary, in the Europe region.
How does Budapest Stock Exchange make money?
Five revenue lines are on record. Transaction Fees are the primary driver. The others are membership Fees, listing Fees, data Services and market Making.
Who are Budapest Stock Exchange's main competitors?
Broad incumbents on record are Nasdaq Tallinn/Stockholm (Nasdaq Baltic & Nordic), Euronext, Deutsche Börse (Xetra) and Vienna Stock Exchange (Wiener Börse). Direct peers are Prague Stock Exchange (PSE), Zagreb Stock Exchange (ZSE), Athens Stock Exchange (ATHEX), Warsaw Stock Exchange (GPW), Ljubljana Stock Exchange (LjSE) and Bucharest Stock Exchange (BVB).
Does Budapest Stock Exchange have an API?
No public API is recorded for Budapest Stock Exchange.
What industry is Budapest Stock Exchange in?
Budapest Stock Exchange's product category is Securities Exchange. Its primary akta.pro industry code is FSAFABAA, Equity Index Futures & Options Exchanges, with a secondary code of FSAFACAA, Government Bond (Sovereign) Trading Platforms. Its NAICS code is 523210 and its SIC code is 6200.