BSE Opens Up Bidding For ETF Licenses In Hungary

The Budapest Stock Exchange (BSE) has invited bids from domestic and international fund managers to buy an exclusive licence for a BUX based Exchange Traded Fund (ETF), which was recently made legal through an amendment to Hungary's Capital Market Act.

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The Budapest Stock Exchange (BSE) has invited bids from domestic and international fund managers to buy an exclusive licence for a BUX-based Exchange Traded Fund (ETF), which was recently made legal through an amendment to Hungary’s Capital Market Act.

Binding bids must be submitted by March 15th, 2006. The BSE plans to make a final decision on the launch in April this year.

Besides buying the exclusive licence for the fund, the winner will acquire the right and obligation to issue the BUX ETF, as specified in its offer.

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