Description

The Hungarian Stock Exchange began operations in Pest on January 18, 1864, in the Pesti Lloyd Association building, with Frigyes Kochmeister as its first president. Initially a securities exchange, it merged with the Grain Market four years later to become the Budapest Commodity and Stock Exchange (BÁÉT), one of Europe's leading exchanges for 80 years. The exchange initially listed 17 shares, one debenture, 11 foreign currencies, and 9 bills. Despite closing on July 27, 1914, due to World War I, trading continued informally, and by 1918, 7.2 million securities had changed hands. Hyperinflation post-WWI drove trading volumes to extraordinary levels until the pengő was introduced in 1925. After WWII, private trading occurred in the damaged exchange building and nearby coffee houses, and the exchange officially reopened in August 1946 with the introduction of the forint.

The Budapest Stock Exchange's first official milestone was in October 1989, when the government approved drafting securities legislation. This law came into effect on March 1, 1990, and the exchange was re-established on June 21, 1990, with 41 founding members and one listed share, IBUSZ, playing a key role in Hungary's privatization process. On November 20, 2015, the Hungarian National Bank acquired a 68.8% majority ownership in the stock exchange, signaling a significant development in capital market processes. The official stock index, the BUX index, was also established.

Engraver: Zoltán Endrődy