Budapest, December 13, 2006 (MTI-ECONEWS) - Trading of units in the BUX exchange-traded fund (ETF), a fund set up by OTP Alapkezelo, the fund manager of Hungary's biggest commercial bank, started on the Budapest Stock Exchange (BSE) on Wednesday, BSE president Attila Szalay-Berzeviczy announced. There are about 670 ETF's traded on 37 exchanges around the world, Mr Szalay-Berzeviczy said. These funds generate a combined annual turnover of more than USD 500bn, he added.

OTP Alapkezelo Sandor Szalai said he expects turnover of the shares to be HUF 5bn-10bn in 2007, but to pick up rapidly in the following two years.

OTP Bank will serve as the market maker for the fund's units.