KELER CCP is Hungary’s EMIR-authorised central counterparty, licensed under EU Regulation 648/2012 and supervised by the Central Bank of Hungary and European Securities and Markets Authority (ESMA). KELER CCP provides guarantee undertaking and clearing services on the capital markets for the Budapest Stock Exchange and MTS Hungary and Hungarian as well as Bulgarian gas markets. KELER CCP stands between the buyer and the seller in every cleared trade ensuring settlement is completed even if one side defaults. In addition KELER CCP continue to provides access to European energy markets via our General Clearing Member relationship under European Commodity Clearing AG (ECC). In short, KELR CCP delivers the financial safety infrastructure behind Hungary’s core markets with a combination of regulatory discipline and practical experience.
What are the main areas of activity of the company?
KELER CCP operates in three segments. In capital markets we clear every trade executed on the Budapest Stock Exchange and MTS Hungary, ensuring transparent and timely settlement in cooperation with KELER Ltd, the Hungarian Central Securities Depository. In gas markets our clearing services cover the Hungarian CEEGEX spot gas market, the Hungarian balancing gas market operated by FGSZ and the Bulgarian spot and forward gas markets operated by Balkan Gas Hub EAD (BGH). We provide access to several European energy market venues through ECC as central counterparty, while the scope of this service is now under review in light of regulatory changes.
What’s the news about new products or services?
The most important recent development is the launch of central counterparty clearing for the BGH. After signing the cooperation agreement in the summer of 2024, central clearing for BGH’s spot and forward gas products went live on 15 July 2025, following a year of joint preparation. The service is fully integrated into our gas-market infrastructure and enables synergies in the Hungarian and Bulgarian gas markets by supporting liquidity management.
This is the first time we have extended our clearing architecture to a foreign gas hub, creating a unified cross-border margining and settlement environment in the region. In parallel we have refined our gas-market risk methodology and reporting tools.
What are the ranges of products or services?
KELER CCP offers clearing and risk-management services that support secure market participation. Our activities include:
- clearing and settlement for capital-market and gas-market trades by novation, and netting in line with EMIR,
- collateral management in cash and eligible securities with strict risk limits,
- daily and intraday margin calls, stress testing and default-management procedures calibrated to the volatility of energy markets,
- different membership models (direct and indirect),
- structured onboarding, testing and continuous operational support for clearing members.
What is the state of the market where you are currently active?
The benchmark index (BUX) of Budapest Stock Exchange is at record high, a historic milestone (above 110,000 points). The market has substantial gains this year – the BUX rose roughly 35% in 2025, reflecting growing investor confidence and stonger performance of major listed companies. Trading activity and liquidity seem robust, domestic investors’ engagement is also higher.
Liquidity and market activity is significant while traded volumes on CEEGEX are somewhat lower than in 2024 – but the market is still stable and playes and important role between the gas markets in the region.
BGH is aiming to serve as a regional trading hub for Southest Europe and currently is in a growth and consolidation phase, the surge in prices ont he day-ahead market and growing membership suggest a maturing regional gas-trading marketplace.
What can you tell us about market trends?
Several trends are shaping the markets where we operate. Energy-derivatives trading is consolidating, with liquidity moving from smaller national venues such as HUDEX toward larger regional hubs, including those cleared by ECC. Market participants place greater emphasis on risk transparency, as gas-price volatility, while lower than at the height of the crisis, remains structurally above earlier levels. Regulatory changes such as EMIR 3 and the Digital Operational Resilience Act (DORA) reinforce expectations around clear margining, strong governance and ICT risk management for market infrastructures. Gas hubs in the region are becoming more interconnected, with tighter price convergence and new cross-border flows, and the launch of CCP clearing for BGH is part of this broader development. At the same time, participants expect more automation in margining, collateral handling and reporting, which strongly influences how CCPs prioritise system improvements.
What are the most innovative products or services marketed?
Our most innovative recent development is the expansion of CCP clearing to the Balkan Gas Hub, the first foreign gas market integrated into our clearing system. BGH traders now rely on a fully EMIR-compliant framework that combines unified margining, transparent collateral processes and a complete default waterfall, reducing bilateral counterparty risk in the Bulgarian and regional gas markets. We also provide an integrated clearing structure for Hungarian gas markets, bringing together exchange trading, balancing activity and, historically, gas derivatives under one coherent setup, which is still relatively rare in the region. For more than a decade our General Clearing Member service at ECC has enabled clients to access major European energy markets through a single clearing relationship, simplifying participation in multiple venues while ECC acts as the central counterparty. In addition, we have strengthened gas-market risk and reporting tools by enhancing margining, stress testing and consolidated reporting, including for BGH-related exposures, to support safer trading in an environment of structurally higher volatility.
What estimations do you have for the end of 2025?
As a central counterparty, KELER CCP does not publish forward-looking financial projections or market estimations. However, by the end of 2025 we expect to continue focusing on strengthening risk management frameworks, enhancing operational resilience, and supporting the stable functioning of the markets we serve. Our priorities include ongoing service development, compliance with evolving regulatory requirements, and maintaining robust capital adequacy.
