Hungary's answer to the City and Wall Street is one room in the Budapest international trade centre. But Margaret Thatcher was in no mood to discourage when she visited Eastern Europe's first stock exchange and the most potent symbol of the nation's break with the past.
The prime minister was greeted by Lajos Bokros, president of the stock exchange council and until recently a socialist member of parliament. He explained, perhaps self-consciously, that it was open for only an hour a day and did not have a computerised system. However, Mrs Thatcher told him: “This is a start. It is nice to see it done that way again.”
“Small is beautiful,” Mr Bokros said, using one of Mrs Thatcher's favourite slogans. Mrs Thatcher replied: “But at least you are ahead of Moscow. It is marvellous you have a government that sees things as we do.”
Yesterday 37 brokers were ready for action; usually there are around 20. As the country steps hesitantly towards capitalism, daily trading averages about £200,000. When the doors opened at 11 am nothing happened. At 11.05, someone bought 50 shares in the Scala Co-op department store chain for around £430. At 11.15, there was another transaction and at 11.25, three deals were clinched.
There is only one fully listed share. Recently, shares in Ibusz, the state travel agency, were sold in the first big privatisation.