Hungarian Capital Market Professionals' Society
HISTORY
The sweeping changes of the years 1989-1990 in Central and Eastern Europe brought along wide range of privatisation, establishment of the institutions of a market economy, opening of the stock and commodity exchanges. Investment banking became a new and highly coveted profession. In a couple of years more than 100 securities firms were set up and many large fund managers and investment instituions became active on the thriving Hungarian market.
The predecessor of the Society, The Society of Hungarian Investment Analysts was founded in January 1992, as the first such organisation in Central and Eastern Europe. Following its foundation and registration, the Society applied for membership in EFFAS (European Federation of Financial Analyst Societies) and became member in October 1992 as the Federation's 17th member and as the first organisation from the region. Budapest hosted the Board Meeting of EFFAS on October 15-16, 1993, again the first EFFAS event held in Central and Eastern Europe.
The Society became an accredited member of the EFFAS training and examination scheme in 1996. Training and examination is carried out in co-operation with the International Training Center for Bankers and the Central-European Training Centre for Brokers.
Since the second half of the 90's the Hungarian economy has been converging to the European Union and will become a member in May 2004. The privatisation has been almost entirely completed and many investment banks became part of their owner banks. There are, however, several flourishing independent securities firms in Hungary and the biggest companies are thoroughly followed by the large international houses. There is an active mergers and acquisitions business in the country and there are several private companies considering going public in the foreseeable future.
The Society reacted to the sweeping changes of the investment banking business since 1998 by opening its door to the entire investment banking profession. Although membership decreased significantly from its peak 150 members in 1994, the current management is determined to maintain and enhance the reputation of the Society by playing an important role in preparing the Hungarian financial community to the wide ranging effects of the EU membership.
At the end of January 2002 the founding Chairman, György Mohai, Ph.D. was elected again to lead the transformation of the Society together with a new Board. As a first step, the articles of the society were amended and the current name was assumed by the Society in January 2003.
MAIN ACTIVITIES
The society's main activities include
- ensure professional communication among investment community professionals in Hungary and internationally,
- introduce the EFFAS Ethics Code and ensure high quality application,
- play an important role in providing information and expertise in connection with the European Union membership of Hungary, primarily in the field of financial investment,
- organise educational and qualification programmes approved by EFFAS.
STRATEGY AND FUTURE PLANS
The Society applied for ACIIA membership in February 2003.
The EFFAS Code of Ethics.
MEMBERSHIP
The day by day operation of the Society is managed by a six-member Board consisting of the Chairman, the Secretary General and four members. The supreme decision-making body is the General Meeting, which meets at least once a year. Applications for membership submitted to the presidium must be supported by two members.
Number of members: 50
Secretary General:
Dr. Margit Schütt
Board members:
Mr. Ádám Farkas, dr. (CEO, CIB
Bank)
Mr. Péter Kazár, dr. (Deputy CEO, Magyar Posta Rt.)
Ms Margit Schütt, dr. (Director, Magyar Posta Rt.)
Ms Zsuzsanna
Zatik, dr. (Solicitor)
Contact Information
Web: www.capmarketprof.hu
EMail:
info@capmarketprof.hu
Mailing address: c/o ITCB Csopaki u. 6. Budapest, Hungary H-1022