Budapest Stock Exchange

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.

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

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

• Securities exchange
• Equity listing
• Derivatives trading
• Market data services
• Capital markets

Headquarters

HQ city

Budapest

HQ country

Hungary

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Transaction Fees: Fees charged to members for executing trades on the exchange across cash and derivatives markets
2. Membership Fees: Annual fees paid by exchange members (brokers, trading firms) for trading licenses and access
3. Listing Fees: Fees for listing securities on the exchange including initial listing and ongoing compliance
4. Data Services: Market data provided to vendors and data consumers including real-time and delayed quotes
5. Market Making: Services supporting market liquidity through designated market maker arrangements

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core 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

Named customers7 records

Segments5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• KELER (Central Securities Depository)coreTechnology or IntegrationKELER 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)coreTechnology or IntegrationBSE operates the T7 trading system (Xetra platform) developed by Deutsche Börse for securities trading, including simulation calendar for testing.
• OTP BankminorStrategic or Co-development PartnerOTP Bank representatives participate in BSE's Index Committee and Sustainability and Corporate Governance Committee.
• MOL Plc.minorStrategic or Co-development PartnerMOL Plc. representatives participate in BSE's Sustainability and Corporate Governance Committee.
• Magyar TelekomminorStrategic or Co-development PartnerMagyar Telekom representatives participate in BSE's Sustainability and Corporate Governance Committee.
• Richter GedeonminorStrategic or Co-development PartnerRichter Gedeon representatives participate in BSE's Sustainability and Corporate Governance Committee.
• Climate Bonds Initiative (CBI)minorStrategic or Co-development PartnerBSE follows CBI Standard for green debt securities classification under the MNB Green Bond Issuance Guidelines.
• International Capital Markets Association (ICMA)minorStrategic or Co-development PartnerBSE follows ICMA's Green Bond Principles (GBP) for green debt securities classification under the MNB Green Bond Issuance Guidelines.
• Central Bank of Hungary (MNB)coreStrategic or Co-development PartnerMNB 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 HungaryminorStrategic or Co-development PartnerDeutsche Bank representatives participate in BSE's Sustainability and Corporate Governance Committee.
• Amundi Asset ManagementminorStrategic or Co-development PartnerAmundi Asset Management representatives participate in BSE's Sustainability and Corporate Governance Committee.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad 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

• Xx.com/bud_exchange
• YouTubeyoutube.com/user/budapestiertektozsde
• Facebookfacebook.com/ertektozsde
• LinkedInlinkedin.com/company/budapest-stock-exchange

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Budapest Stock Exchange