Stock Exchange Partner




The Budapest Stock Exchange Ltd. (BSE) aims to ensure a transparent and liquid market for its listed securities issued either in Hungary or abroad. As the key institution of the domestic financial market, the stock exchange provides various economic entities with an opportunity to raise capital in an open market and offers investors effective investment opportunities. Through the concentration of supply and demand, it is the most important institution of price discovery. 
The stock exchange actively participates in promoting the continuous improvement of the financial culture of domestic companies and investors. 
The Exchange’s main goal is to become the financial centre and primary trading venue of Hungarian securities, and to successfully take part in the competition for issuers. This is achieved by a client-oriented operation, a commitment to continuously improve its services and an application of timely and effective technological improvements and solutions. 
On 20 November 2015 the Central Bank of Hungary (MNB) concluded a sales contract with the Austrian CEESEG AG and Österreichische Kontrollbank AG, the entities that to date held a 68.8 per cent ownership in the Budapest Stock Exchange (BSE). With this transaction the MNB obtains controlling ownership in the national stock exchange, which thereby once again becomes national property.




MAB is a market for small companies looking to expand, with a special set of regulations, designed specifically for them with costs and processes tailored to their particular characteristics. MAB helps these companies access the securities market easily and efficiently.

MAB offers growth companies many advantages including access to financing, increased visibility, a constant valuation based on supply and demand and liquidity for their shares. This in turn means companies can manage their projects more efficiently and hasten the processes needed to do so. In fact, all these opportunities offered by the market can form a virtuous cycle for a company to expand.

MAB also offers investors a wider variety of companies so they can diversify their portfolios and invest in new companies and sectors. Increased visibility attracts more investors and therefore a more efficient way of raising finance; at the same time, more investors helps boost the shares' liquidity which in turn helps the company obtain its target valuation on the market.


Bolsas y Mercados Españoles (BME) is the operator of all stock Markets and financial systems in Spain. BME has been a listed company since 14 July 2006. In the last few years it has become a reference in the sector in terms of solvency, efficiency and profitability.

BME offers a wide range of products, services and trading systems based on an advanced and stable proprietary technology. The company also provides global market access systems to issuers, intermediaries and investors in Europe, America and Africa.

One of the strengths of the Group resides in its diversification, apparent on the company structure, organized into seven business-units that represent the broadest and most varied range of products and services that a company in its sector can offer to the financial community: Equities, Fixed Income, Derivatives, Clearing, Settlement, Market Data, Consulting and New Technologies.

Listing Sponsors & Brokers

Premium Partners



  • Intermonte SIM is a leading, independent brokerage house specialised on the Italian equity market.
  • Quality of research, effective sales and efficient trading are guaranteed by the stability of management and a consistent presence in international marketplace such as London and New York.
  • More than 450 Italian and foreign institutional investors make use of professional consultancy services from Intermonte, ranging from financial analysis to sales, trading and corporate consultancy.
  • Intermonte specialises in organising roadshows and meetings with institutional investors, offering ad-hoc consultancy to companies on communication to the market.
  • Intermonte’s research has consistently received significant recognition in awards for research on the Italian market from the most well respected international institutions.


Other Partners



Concorde is the leading independent investment and financial services group in Hungary

  • Founded in 1993 by current members of the board and domestic private investors
  • 100% HUNGARIAN OWNERSHIP, independent from commercial banks, with more than 100 motivated and dedicated employees
  • Maximum security and discretion, strong capital position, CONTINUOUS PROFITABILITY SINCE THE FOUNDING
  • One of the biggest Hungarian and internationally acknowledged research team, 42 PROFESSIONAL AWARDS
  • Integrated securities and investment banking services for institutional and retail clients as an independent (i.e. non-bank or insurance company affiliated) service provider
  • Leading position in Hungary in each of its main areas of activity: institutional and retail securities brokerage, private banking and corporate finance advisory

Presentation : Introduction to Concorde.pdf



GVC Gaesco is one of the main independent financial groups in Spain, with over 60 years history.
A management team with a common goal: to manage in an efficient, consistent and independent manner, always looking for the best investment opportunities to maximise value
GVC Gaesco offers a large group of services: Wealth Management and Private Banking, Brokerage and Custody, Corporate Finance and Insurance Brokerage
Main Figures:

  • 4 Societies: Valores, Gestión, Pensiones and Correduría de Seguros
  • 16.000 clients
  • 350 Institutional investors
  • Eur 4.000 M in Assets
  • Eur 13.000 million of brokerage volume in 2015
  • 33 Investment Funds
  • 1st Fund of Funds registered in the CNMV: GVC Gaesco Fondo de Fondos
  • GVC Gaesco Renta Fija - the 5th oldest Investment Fund in Spain (1986)
  • 40 SICAV. 1st independent non-banking group by number of SICAVs under management. Number of Financial Institutions: 75. Number of SICAVs registered in Spain: 3.4098 Pension Funds
  • 2 Venture Capital Companies
  • 19 awards in last 10 years
  • 18 offices that covers the Spanish territory

CNMV Registered Entity under number 182. Member of Barcelona, Madrid, Valencia, París, Amsterdam, Brussels, Lisbon and Frankfurt Stock Exchanges. Access to other markets through international brokers. MEFF and AIAF custodian and clearing Member. The Bank of Spain Entity Delegated. MAB and MARF Registered Advisor
Brokerage & Custody:

  • Equity Markets: Member of Barcelona, Madrid and Valencia Stock Exchanges. Member of Euronext (France, Belgium, Holland, Portugal), Xetra (Germany). Access to other markets through other members: MTA (Italy), Europe, USA / Canada, Asia, Oceania. MAB (Mercado Alternativo Bursátil) Registered Advisor
  • Equity custody Services: Domestic Equities: Iberclear. Euronext and Xetra Equities: Kasbank. USA and the Rest of Europe Equities: BNP
  • Fixed Income Markets: AIAF custodian and clearing Member. The Bank of Spain Entity Delegated. Debt Management Company. MARF Registered Advisor. SEND Platform. NYSE Euronext Bonds, MOT, EuroTLX
  • Fixed Income Custody Services: EuroClear

Corporate Finance:

  • Financing:

o    Equity and Bonds Issues: Global Coordinator, Underwriter and Placement
o    IPOs
o    Capital Increase: listed and unlisted companies
o    Investors
o    Agent Entity

  • Advisory:

o    Capital Structure
o    Strategy
o    Business Plan
o    MAB and MARF Registered Advisor
o    SOCIMI Registered Advisor
o    Liquidity Contracts and Own Shares Policy
o    Quoting Information
o    General Meeting of Shareholders support and Shareholder Analysis
o    Communication

  • Valuation:

o    Companies
o    Equity Stakes
o    Business Units
o    Activity branches
o    Debt
o    Assets



BEKA Finance is the largest independent stock broker in Spain. With a market share of 2.08% in 2015, it is the 4th Spanish company by brokerage volume in equities behind the large banking group (EUR 39.000 million on brokerage volume in 2015)

BEKA Finance has 80 professionals, providing coverage in national and international markets, offering its customers a comprehensive service based on their financial and investment needs.
  • BEKA Finance has a team of 7 equity research analysts covering more than 60 Spanish stocks.
  • More than 350 institutional investors.
  • More than 6.000 retail accounts with great investment potential
BEKA Finance is a founding partner and member of the European Securities Network (ESN). Through this partnership we have access to a network of over 100 analysts covering over 650 companies and a sales team of over 150 people .
Equity Division:
  • Issuers:
o    IPOs
o    Services for treasury stock and Liquidity (IBEX, MAB, Latibex, etc.)
o    Accounting and book-keeping
o    Share registry in Capital Increases,  Exchanges, Bids, IPOs, Listings…
o    Research
  • Institutional Investors:
o    Intermediation in Primary Markets
o    Equity Brokerage
o    Derivatives Markets
o    Research
o    Investment ideas
o    Securities deposit and custody
o    Investment Funds
  • Electronic Execution
o    Trading DMA in the main markets
o    Dealer with global connectivity
o    Trading SOR and Algorithmic
o    Placements
o    Post Execution Services
o    In-depth knowledge of the Spanish market and players
o    Experienced team