RICHÁRD VEGH, CEO, BURSA DE VALORI DIN BUDAPESTA: ‘Investitorii privaţi aduc 25% din rulajul pieţei noastre’

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Ziarul BURSA: În fostele ţări comuniste, bursele de valori s-au redeschis în anii 1990 şi au fost utilizate în primul rând pentru listarea companiilor de stat. Cât de important a fost acest proces pentru piaţa de capital din Ungaria?

Richard Vegh: Ritmul privatizării în Ungaria a fost relativ rapid în comparaţie cu alte ţări din regiune. Până în 2002, mai mult de 40% din activele statului au fost vândute folosind instrumente ale pieţei de capital. Procesul privatizării, emiterea, distribuirea şi schimbul titlurilor de compensare pentru acţiuni a adus de asemenea, probabil, cea mai interesantă etapă din primii ani a pieţei bursiere.

În acest fel, multe acţiuni au fost listate sau statul a vândut acţiuni (ale companiilor) aflate deja în circulaţie, ceea ce a atras mulţi oameni în piaţa valorilor mobiliare. În acelaşi timp, infrastructura pieţei a fost dezvoltată: în 1993 a fost înfiinţat KELER, Depozitarul Central din Ungaria, în 1995 BSE şi-a deschis piaţa instrumentelor derivate şi în 1998-99 a migrat către un sistem de tranzacţionare complet electronic. Drept urmare, la sfârşitul anilor 1990, Bursa de Valori de la Budapesta devenise una dintre principalele burse din regiune.

Ziarul BURSA: În ceea ce priveşte lichiditatea, bursa ungară depinde în mare măsură de trei companii – OTP Bank, MOL şi Gedeon Richter – care dau peste 90% din rulajul zilnic. De ce credeţi că există o concentrare atât de mare a valorii tranzacţiilor în jurul acestor companii?

Richard Vegh: Aceste companii şi-au listat acţiunile la Bursa de Valori din Budapesta de mai bine de un sfert de secol – Gedeon Richter sărbătorindu-şi aniversarea în 2019, în timp ce OTP Bank şi MOL Group toamna trecută. Pentru toate cele trei, creşterea valorii de la momentul listării este excepţională: preţul acţiunilor Gedeon Richter este în prezent de aproximativ 60 de ori mai mare comparativ cu valoarea din momentul listării, acţiunile OTP Bank sunt de aproximativ 100 de ori peste valoarea de la listare, iar preţul acţiunilor Grupului MOL este de aproape 20 de ori mai mare. Acest lucru nu ar fi fost posibil fără transformarea companiilor, transformări care au fost implementate de echipe de management de talie mondială. De asemenea, iese în evidenţă prezenţa lor internaţională, toţi cei trei fiind jucători regionali serioşi, adesea şi la nivel mondial. Creşterea dimensiunii înseamnă, de asemenea, că aceste companii au atins cu succes pragul de la care au stimulat investitorii internaţionali, care, la rândul lor, au sporit lichiditatea titlurilor.

Ziarul BURSA: În ce măsură îşi finanţează guvernul de la Budapesta deficitele bugetare prin piaţa de capital? Se pare că este politică de stat ca inves­titorii interni şi băncile interne să finanţeze deficitul.

Richard Vegh: ÁKK, ca principală organizaţie de gestionare a datoriei publice, ajunge, prin intermediul canalelor pieţei de capital, atât la investitorii interni, cât şi la cei internaţionali. În ultimii ani a avut loc o schimbare importantă, iar ca urmare ponderea titlurilor de stat emise în forinţi şi ponderea investitorilor interni a crescut semnificativ.

Ziarul BURSA: Cât de importantă este industria fondurilor de investiţii pentru piaţa de capital din Ungaria? Oferiţi-ne câteva detalii despre dimensiunea industriei.

Richard Vegh: Activele gestionate de fondurile de investiţii au înregistrat o creştere semnificativă în ultimii zece ani – potrivit BAMOSZ (Asociaţia Fondurilor Ungare de Investiţii şi a Societăţilor de Administrare a Activelor – n.r.), anul trecut membrii organizaţiei aveau în gestiune un total de 19,2 miliarde de euro în fonduri mutuale, cel mai ridicat nivel din istorie. Expansiunea fondurilor de acţiuni a fost cea mai vizibilă în 2020: creşterea anuală a acestor fonduri a fost de 32,6%, cea mai accelerată dinamică din rândul diferitelor categorii de fonduri de investiţii. Această creştere a fost mult facilitată de sentimentul pozitiv din piaţa bursieră, ce s-a manifestat în ciuda contracţiei economice.

Valorile mobiliare de la nivelul gospodăriilor înregistrează, de asemenea, o creştere stabilă – în prezent situându-se la aproximativ 14.000 miliarde de forinţi (circa 39 de miliarde de euro – n.r.), ceea ce reprezintă aproximativ 25% din stocul total de valori mobiliare. Titlurile de stat reprezintă o proporţie semnificativă din acest număr, în timp ce acţiunile listate sunt al doilea cel mai popular tip de activ financiar, urmate de certificate şi obligaţiuni.

Investitorii de retail, cu active în continuă creştere, asigură o cerere suplimentară adecvată şi, de asemenea, lichiditate în piaţa ungară. În viitor, participarea lor la piaţa de capital va fi importantă nu numai pentru companiile finanţate, dar şi pentru ca profilul de risc-rentabilitate al portofoliilor inves­titorilor de retail să se deplaseze în mod optim de la nivelul prea conservator din prezent şi să participe la succesul economiei ungare, prin generarea de randamente favorabile pe termen lung.

Ziarul BURSA: Câţi investitori de retail are Bursa de Valori de la Budapesta şi câte conturi active (prin care s-a făcut cel puţin o tranzacţie la şase luni) există? Câte conturi noi se deschid anual pe segmentul investitorilor de retail?

Richard Vegh: În 2020, numărul investitorilor privaţi activi a ajuns la 50.000. Aceştia aduc aproximativ 25% din rulajul BSE. Numărul conturilor a ajuns la 1,5 milioane (în 2020). Numărul abonaţilor la date a crescut de asemenea semnificativ anul trecut, iar acum putem raporta aproximativ 14.000 de abonaţi din categoria (investitorilor) non-profesionişti.

Ziarul BURSA: Cât de importante sunt instrumentele derivate pentru ecosistemul financiar al Ungariei? Care este contribuţia lor directă şi indirectă la lichiditatea Bursei de Valori de la Budapesta?

Richard Vegh: Piaţa instrumentelor derivate de la BSE are o istorie semnificativă, una dintre cele mai importante condiţii preliminare a acesteia fiind funcţionarea KELER CCP ca principală casă de compensare din regiunea CEE (Europa Centrală şi de Est – n.r.), precum şi drept contraparte centrală a BSE. Compania operează sub licenţă EMIR (European Market Infrastructure Regulation – n.r.) de mulţi ani, contribuind astfel la gestionarea riscurilor sistemice într-un cadru de reglementare unificat.

Adiţional, avem o gamă largă de produse disponibile la BSE, care include contracte futures pe indici bursieri, acţiuni individuale şi valute, precum şi contracte futures pe cereale, printre altele. În plus, este important ca contractele futures legate de indicele (de referinţă) BUX şi de acţiunile individuale să genereze rulaje suplimentare şi pe pieţele spot.

Ziarul BURSA: În 2017, Bursa de Valori de la Budapesta a lansat piaţa Xtend, care îşi propune să sprijine creşterea IMM-urilor. Cum apreciaţi evoluţia acestei pieţe până acum în raport cu scopul pentru care a fost creată?

Richard Vegh: Obiectivul nostru strategic este sprijinirea creşterii companiilor dinamice de dimensiuni medii şi de a promova apariţia acestora pe piaţa de capital. Unul dintre instrumentele acestui efort este piaţa IMM-urilor, piaţa Xtend. În prezent există cinci emitenţi pe piaţa BSE Xtend, dar tendinţa este de creştere: doi emitenţi – DM-KER şi Gloster – şi-au listat acţiunile anul trecut, în ciuda recesiunii.

În cazul valorilor mobiliare ale companiei CYBERG, care efectuase anterior un plasament privat, am putut de asemenea să realizăm o tranzacţie recurentă în 2020. Pe lângă cele cinci companii deja listate pot spune că această piaţa se bucură de un interes important. Prin urmare, suntem optimişti cu privire la viitorul său.

Ziarul BURSA: Care este direcţia pe care ar trebui să o adopte Bursa de la Budapesta pentru o dezvoltare susţinută în următorii cinci-zece ani şi care sunt paşii necesari pentru atingerea acestui obiectiv?

Richard Vegh: Cred că fundamentele sunt corecte, iar în următoarea strategie accentul va fi pus pe dezvoltarea şi perfecţionarea direcţiilor menţionate anterior (în strategia pentru perioada 2016-2020), atât în ceea ce priveşte dezvoltarea pieţei şi creşterea expunerii publicului la piaţa de capital, cât şi în privinţa stimulării sectorului IMM-urilor, a activităţii educaţionale şi a prezenţei noastre în mediile digitale. În plus, nu putem trece cu vederea aspectele ce ţin de sustenabilitate şi de investiţiile ESG (Environmental, Social and Corporate Governance – n.r.) ca tendinţe dominante ale pieţelor de capital în anii deceniului 2010. Aceste aspecte au ieşit în evidenţă în contextul COVID-19; există o mulţime de resurse care susţin reluarea creşterii economice şi este esenţial ca aceste resurse să fie utilizate într-un mod sustenabil. În acest scop, BSE tocmai a lansat primul său ghid ESG şi planificăm noi paşi pentru a promova importanţa finanţelor sustenabile şi a investiţiilor ESG în ţară.

De asemenea, Bursa de Valori din Budapesta va pune mare accent şi pe atingerea, în următorii ani, a obiectivelor de afaceri ale BSE şi pe listarea în sine a bursei.

Ziarul BURSA: Ce părere aveţi despre potenţialul de creştere a pieţelor bursiere din zona Europei Centrale şi de Est?

Richard Vegh: Aşa cum Europa Centrală şi de Est a fost regiunea cu cea mai rapidă creştere economică la nivelul Uniunii Europene înainte de criza COVID-19, regiunea noastră este aşteptată să fie motorul creşterii în UE chiar şi după criză. Nu numai companiile multinaţionale active în regiune vor juca un rol important în acest sens, ci şi companiile emergente, cu creştere rapidă, cu proprietari locali. Iar acestea trebuie deservite de burse locale cu serviciile necesare pentru a apărea în piaţa de capital. Astfel, bursele din regiune, companiile şi investitorii prezenţi aici pot fi de asemenea optimişti cu privire la viitor. În ultimii ani s-a dezvoltat o relaţie profesională activă între burse, ce au consultări periodice. Merită să învăţăm de la regiunile cu pieţe de capital mai dezvoltate decât ale noastre – cum ar fi regiunea nordică, unde există o cooperare foarte strânsă între pieţe, iar investitorii din ţările din regiune sunt foarte activi pe toate bursele din regiunea respectivă. Atât investitorii cât şi emitenţii pot beneficia foarte mult de pe urma acestui tip de cooperare mai strânsă şi reciproc avantajoasă.

Ziarul BURSA: Aveţi vreun sfat sau mesaj pentru directorul general sau preşedintele Bursei de Valori Bucureşti?

Richard Vegh: Cred că Bursa de Valori Bucureşti, la fel ca BSE, este pe drumul cel bun – printre altele, ratingul mai mare acordat de FTSE Russell anul trecut a fost un semn pozitiv. Vreau să-i felicit pe preşedintele şi directorul general al bursei din Bucureşti pentru realizările lor de până acum şi să le urez succes.

Ziarul BURSA: Vă mulţumim!

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HÁRD VÉGH, CEO, BUDAPEST STOCK EXCHANGE:

“Private investors bring 25% of our market turnover”

“Our region is expected to be the engine of growth in the EU even after the crisis”

“I believe that the Bucharest Stock Exchange is on a positive path; among other things, the rating given by FTSE Russell last year was a good sign”

The 50.000 active private investors present at the Budapest Stock Exchange (BSE) bring about 25% of the BSE’s turnover, said Richard Vegh, CEO of BSE, who was kind enough to give us an interview with some relevant details about the evolution of the capital market in the neighboring country, as well as about the development plans for the coming years. According to the CEO of the Budapest Stock Exchange, the pace of privatization in Hungary was relatively fast compared to other countries in the region, and until 2002, more than 40% of state assets were sold using capital market instruments.

“It is worth learning from regions with more developed capital markets than ours – such as the Nordic region, where there is very close cooperation between markets and investors from countries in the region are very active on all stock exchanges in that region”, says Richard Vegh.

BURSA Newspaper: In the former communist countries, stock exchanges reopened in the 1990s and were used in the first place for listing state-owned companies. How important was this process for the hungarian capital market?

Richard Vegh: The pace of privatization in Hungary was relatively fast compared to other countries in the region. By 2002, more than 40 percent of total state assets were sold using capital market methods. The process of privatization, the issuance, distribution and exchange of compensation notes for shares also brought perhaps the most exciting stage of the first years of the stock market.

This way, many shares were listed on the stock exchange or the state sold the securities already in circulation, which attracted many people to the securities market. At the same time the market infrastructure was developed, in 1993 KELER the Hungarian CSD was established, in 1995 the BSE opened its derivatives market and in 1998-99 it migrated to a fully electronic trading system. As a result, by the end of the 1990s, the Budapest Stock Exchange had become one of the leading stock exchanges in the region.

BURSA Newspaper: In terms of liquidity, the Hungarian stock market is heavily dependent on three companies (OTP Bank, MOL and Gedeon Richter), which account for over 90% of the daily turnover. Why do you think there is such a high concentration around these companies?

Richard Vegh: These companies have listed their shares on the Budapest Stock Exchange for more than a quarter of a century – Richter Gedeon celebrated its anniversary in 2019, while OTP Bank and MOL Group last autumn. The increase in value since the launches is exceptional for all three: Gedeon Richter’s share price is currently about 60 times the listing value, OTP Bank’s shares are about 100 times the listing value and MOL Group’s shares are almost 20 times the listing value. This would not have been possible without the transformation of these companies, which was led by world-class managements. Also, their international presence stands out from the domestic field, as all three in their respective sectors are serious regional, not infrequently global factors. The increase in size also means that these companies have successfully reached the stimulus threshold of international investors, which in turn further increased the liquidity of the securities.

BURSA Newspaper: To what extent does the Budapest government finance its budget deficits through the capital market? From what I could gather it is state policy that domestic investors and domestic banks finance the deficit.

Richard Vegh: ÁKK, as the main organization of public debt management, reaches both domestic and international investors through capital market channels. In recent years, a successful turnaround has taken place, as a result of which the weight of government securities issued in Hungarian forints and the share of domestic investors have increased significantly.

BURSA Newspaper: How important is the investment fund industry for the Hungarian capital market? Can you offer details on the size of the industry?

Richard Vegh: Assets managed in investment funds have shown a significant increase in the last 10 years – according to BAMOSZ (Association of Hungarian Investment Fund and Asset Management Companies), last year the members of the organization managed a total of EUR 19,2 billion in mutual funds, which is higher than ever before. Within this, the expansion of equity funds was the most conspicuous: the annual growth of these funds was 32,6 percent, which is the highest among the various categories of investment funds. This was greatly facilitated by the positive stock market sentiment despite the economic downturn.

Securities managed by households is also showing stable growth – it currently amounts to about HUF 14,000 billion, which is about 25 percent of the total stock of securities. Government securities account for a significant proportion of this number, while listed equities are the second most popular type of security, followed by certificates and bonds.

Retail investors with constantly growing assets provide adequate additional demand and liquidity to the Hungarian market. Their participation in the capital market would be important in the future not only for the financed companies, but also for the risk-return profile of retail savings portfolios to move optimally from the current overly conservative state and to participate in the success of the Hungarian economy, through favorable long-term yield generation.

BURSA Newspaper: How many retail investors are on the Budapest Stock Exchange and how many active accounts are there (through which a transaction was made at least once every six months)? How many new accounts do retail investors open yearly?

Richard Vegh: In 2020, the number of active private investors reached 50 000, who account for about 25 percent of the BSE’s turnover. The number of securities accounts reached 1,5 million. The number of data subscribers increased significantly last year, and we can now report about 14,000 non-professional subscribers.

BURSA Newspaper: How important are derivatives for Hungary’s financial ecosystem? What is their direct and indirect contribution to the liquidity of the Budapest Stock Exchange?

Richard Vegh: The derivatives market has a significant history on the BSE, one of the important preconditions of which is the operation of KELER CCP as the leading clearing house in the CEE region, as well as the central counterparty of the BSE. The company has been operating under the EMIR (European Market Infrastructure Regulation) license for many years, thus helping to manage systemic risks within a unified regulatory framework.

In addition to this is the wide range of products available on the BSE, which includes future contracts, based on equity indices, individual stocks and currencies, as well as grain futures contracts, among others. Furthermore, it is important that futures related to the BUX index and individual stocks generate additional turnover in the cash market as well.

BURSA Newspaper: In 2017, the Budapest Stock Exchange launched Xtend market, which aims to support the growth of medium-sized companies. How do you assess the evolution of this market so far in relation to its purpose?

Richard Vegh: Our important strategic goal is to support the growth of dynamic medium-sized companies and promote their appearance on the capital market. One of the tools of this endeavor is the SME market, the Xtend market. There are currently five issuers on the BSE Xtend market, but the trend is increasing: two issuers – DM-KER and Gloster – listed their shares on the parquet last year, despite the economic downturn. In the case of the securities of CYBERG, which had previously carried out a private placement, we were also able to record a recurring transaction in 2020. In addition to the five companies already listed, we are experiencing serious interest, therefore we are optimistic about the future of the market.

BURSA Newspaper: What is the direction that the Budapest Stock Exchange should take, in your opinion, for a sustained and positive development in the next five to ten years and what are the steps necessary to achieve that goal?

Richard Vegh: I think the fundamentals are right, the focus will be on developing and refining the directions set out earlier in the next strategy, both in terms of market development and increasing public equity exposure, as well as stimulating the SME sector, educational activity and increasing the digital presence.

In addition, we cannot go beyond sustainability considerations, ESG investments as the dominant capital market trends of the 2010s. These aspects have come to the fore in the context of COVID-19 – there are plenty of resources flowing into the restart of economic growth and it is essential that these resources are channelled in a sustainable way. To this end, BSE has just launched its first ESG guide and we are planning further steps to promote the importance of sustainable finance and ESG investment in the country.

Among the goals of the Budapest Stock Exchange, great emphasis will also be placed on enforcing the business goals of the BSE in the coming years and on implementing the public listing of the BSE itself.

BURSA Newspaper: What do you think about the potential for growth of the stock markets of the CEE area?

Richard Vegh: Just as the CEE region was the fastest growing part of the EU before the coronavirus crisis, our region is expected to be the engine of growth in the EU even after the crisis. Not only multinational companies active in the region will play an important role in this, but also emerging, fast-growing companies with local owners. They must be served by local stock exchanges with the services needed to appear on the capital market. Thus, the stock exchanges of the region and the companies and investors present here can also be optimistic about the future.

An active professional relationship has developed between the stock exchanges in recent years, with regular consultations.

It is worth learning from regions with more developed capital markets than ours – such as the Nordic region, where there is very close cooperation between the capital markets and investors from the countries of the region are very active on all stock exchanges within the region. Issuers and investors listed on the region’s stock exchanges can also benefit greatly from this type of closer, mutually beneficial cooperation.

BURSA Newspaper: Do you have any advice or message for the CEO or the Chairman of the Bucharest stock exchange?

Richard Vegh: I believe that the Bucharest Stock Exchange, like the BSE, is on a positive path – among other things, the higher rating given by FTSE Russell last year was a good sign. I would like to congratulate the President and the CEO on their achievements so far and wish them every success.

BURSA Newspaper: Thank you!

https://www.bursa.ro/_rss

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