The Hungarian Competition Council accepts commitments to modify the membership fees of the Budapest Stock Exchange and terminates a cartel investigation against trading companies (Budapesti Értéktõzsde Zrt.)

The background of the investigation The Competition Office initiated an investigation against the Budapest Stock Exchange ("BSE") and 11 trading companies, as it suspected an illegal horizontal coordination among the trading members of the BSE concerning (i) the amendment of BSE's membership fee structure; and (ii) the parallel increase of transaction fees by trading companies on the futures markets. (i) Amendment of the BSE membership fees The BSE is a private company limited by shares. At the time of the alleged infringement, the majority of its shares were held by 5 major financial institutions. Although the BSE has several committees representing the interests of its members (e.g. the Trading Committee), its operational decisions are taken independently by its Board of

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Márton Horányi, The Hungarian Competition Council accepts commitments to modify the membership fees of the Budapest Stock Exchange and terminates a cartel investigation against trading companies (Budapesti Értéktõzsde Zrt.), 21 May 2008, e-Competitions Bulletin Financial services, Art. N° 20531

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