For that purpose, the Exchange has prescribed the following conditions for companies entering the market, verified on the basis of the documents in the application submitted to the Exchange.

  1. the security to be listed shall be negotiable;
  2. the issuer shall accept the Exchange Rules as binding upon itself and shall accept and comply with the terms set forth in of the KELER Rules;
  3. the issuer shall accept depository receipts issued by KELER Zrt. in its capacity of a depository or with reference thereto as a certificate of title to the issuer’s securities;
  4. the issuer shall undertake the commitment that in the event securities incorporating identical rights with securities on the Trading List are issued as part of capital increase or a tap issue, it shall initiate, in line with the provisions of the General Terms of Service of the Budapest Stock Exchange, the listing of the new security within that series;
  5. an exchange prospectus prepared for the listing on the exchange shall be made available, supplied with the approval of the appropriate authority;
  6. the company shall operate as a public limited company or at least the respective decision (general meeting resolution) about the listing must have been made;
  7. if an investment firm is involved in the listing, the applicant and the investment firm shall submit a joint declaration, stating that during the listing procedure, the investment firm is acting on behalf of the applicant;
  8. the company shall obtain a statement (confirmation) by KELER Ltd. that the domestically issued security were registered in the central securities register and accepted for settlement, or the foreign securities were accepted for settlement. KELER's statement (certificate) regarding the interest-bearing security shall include that the Issuer has made the accrued interest available to KELER as of the planned settlement date of the planned first trading day;
  9. circle of owners;
  10. name and address of the share registrar of the issuer;
  11. the issuer shall submit a declaration, in which they ensure that both they and their securities to be listed meet the requirements set forth in the relevant laws, especially in the Commission Delegated Regulation (EU) 2017/568

A precondition for the commencement of trading is that the company shall publish, at the official site for publications of the Exchange,

  • the prospectus prepared for the listing on the exchange;
  • the statutes of the company;
  • information on the language approved by the MNB (English or Hungarian) for the fulfilment of reporting obligations during the period of continued trading of the company’s securities;
  • the ownership structure;
  • the name and address of the Registrar of Shares.

Listing of equity series takes place on Prime and Standard Markets

On both the Standard and Prime Market, in addition to the basic requirements of the law, the company and the series of securities to be listed shall comply with certain further requirements (size of the series, free float, completed business years, etc.). Furthermore, when admission is sought to the Prime Market, BSE prescribes a public transaction to be carried out with regard to the equity series to be listed; however, issuers may request a one-year postponement to fulfil this obligation. 

The listing requirements on the different markets are summarised in the table below:


Equities Prime Market

Equities Standard Market

Xtend market*

Series of shares to be listed

At least 5 billion forints at market value

At least 250 million forints at market value

No requirements

Free float

- At least 25 percent of the series to be listed is free float;

- At least 10 percent of the series to be listed is free float;


- At market prices, shares to the value of at least 100 million forints are free float; or

- The series of shares is, at the time of listing, in the possession of at least 100 owners.

No requirements

Equity class

Only common shares may be admitted

No requirements

No requirements

Corporate Governance Riport

Mandatory to disclose at listing (also afterwards annualy, together with the annual report)

No obligation to disclose at listing (only after listing with each annual report)

No obligation to disclose at listing (only after registration with each annual report)

Business years

Three full, completed, audited years (discretion is possible)

One full, completed, audited years (discretion is possible)

Two business years

The method of listing

Public transaction (minimum 500 million forints and one-year grace period)

No public transaction requirement (technical listing is possible)

No public transaction requirement (technical listing is possible)

*Xtend Market is a new SME platform created by BSE that provides companies a facilitated form of listing on the capital market with lower fees, easier conditions and special support instruments.

In order to facilitate the administration of the listing procedure, standardised data sheets are available for download from the following site: Application for listing