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Katona To Be Named Hungary Stock Exchange CEO - Report

BUDAPEST -(Dow Jones)- Zsolt Katona will be named chief executive of the Budapest Stock Exchange, Hungarian business weekly Figyelo reports Wednesday in an article to be published Thursday. Katona is the former CEO of ING Bank, the Hungarian banking arm of ING Groep NV (ING.AE). The stock exchange said Friday that the current CEO, Gyorgy Mohai, will leave his position as of May 15 by mutual agreement. Figyelo said the change at the helm of the company was related to a shift to the new Xetra trading system. The new system, to be implemented in the third quarter of 2013, is part of a move by the stock exchange's majority owner, CEE Stock Exchange Group--a holding of Austria's Wiener Boerse stock exchange--to integrate trading on a regional level. Investment service providers have been protesting against the introduction of the Xetra system, however, saying it will bring in competition from foreign firms that won't pay domestic taxes, and that it requires infrastructure investments that will create further costs. Newspaper website: -Budapest Bureau, Dow Jones Newswires; +361-267-0622

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