On 14 November 2025, we informed our energy market non-clearing member clients about changes affecting the GCM business line of KELER CCP. As outlined in the information notice, BÉTx Pénzügyi Zrt. (BÉTx), a wholly owned subsidiary of Budapest Stock Exchange Plc (BSE), will assume the client portfolio and contractual obligations of KELER CCP through legal succession, acting as an investment firm and an ECC-approved clearing member, with the planned effective date of 30 November 2026.
The entire operational process will continue to be managed by KELER CCP under an outsourcing agreement to be concluded between BÉTx and KELER CCP, under unchanged conditions in terms of commercial conditions, technical operations and services, fully aligned with the current operating model.
We hereby inform our clients that the legislative amendment enabling the establishment of a subsidiary by the BSE was promulgated in December 2025, and BÉTx Pénzügyi Zrt. was officially registered by the Court of Registration on 10 January 2026.
With the registration of BÉTx, a significant milestone has been successfully achieved in the preparation for the portfolio transfer, in line with the project’s planned timeline. This progress clearly demonstrates the commitment of all stakeholders involved – including European Commodity Clearing (ECC), the KELER Group, the BSE Group, and the ultimate owner, the National Bank of Hungary – to the successful execution of the portfolio transfer.