Fix price, auction and free market trade

Transactions with fix price, auction transactions and free market transactions

BSE transactions with fix price and BSE auction transactions are settled separately from cash BSE transactions, in a gross manner, in line with the DVP principle.

With effective date of 2 January 2012 government securities deals at the BSE can be concluded as fix price transactions only.

The settlement cycle of transactions for equities is minimum 1, maximum 7 days, for debt securities settlement is on the 2nd business day, investment fund units are settled on the third settlement day.

KELER settles deals received from the BSE in a gross manner, in line with the DVP principle, as follows:

  • at first KELER verifies the securities cover of the seller,
  • then financial performance is completed (except for self-deals),
  • then final and irrevocable securities settlement is completed,
  • finally, at the end of the settlement day deal performance is confirmed to the account holder.

All these steps take about 7-45 seconds for a single transaction, depending upon whether the counterparties keep their cash account with KELER or with the NBH.

If securities or financial collateral is not available, the debit entry is put in a queue during the day (in the meantime the account keeping systems continuously attempt performance), as opposed to multinet stock exchange deals in this type of transactions there is no default procedure. After the close of the operation time of VIBER (real time gross HUF clearing system of the NBH) for the settlement of DVP transactions – at 18:00 hrs – the transaction will be deleted.

More details

Please contact our Client Service between 9:00 hrs and 15:00 hrs from Monday to Friday if you are interested in our services.

Phone number: + 36-1-483-62-40

Mobile phone:   +36-30-481-43-31


Related downloadable documents

Contract on consolidated securities account management and maintenance

Form contract on settlement services for credit institutions

Available only in Hungarian, if you need this document, please send an e-mail us: