Hungary trading venue launches "no frills" rival

LONDON, Sept 7 (Reuters) - A Hungarian trading venue with a "no frills" platform has started up to take on Europe's incumbent exchanges in a battle to reduce trading complexity and costs.

Quote MTF, a Budapest-headquartered multilateral trading facility (MTF), launched on Friday and hopes its business model will stand out in the challenging European market, according to CEO Tamas Madlena, a former executive at the Hungarian central securities depository.

Its fee, at 0.14 basis points on the value of a trade, is the lowest in Europe, with no charges for real-time data or monthly minimum charges.

Quote MTF is 60 percent owned by BRMS Holding, which is 70.5 percent owned by Hungarian-born Canadian businessman Peter Beck, co-founder and president of SwiftTrade. The remaining 40 percent of Quote MTF is held by Gabor Kutas, a former Budapest Stock Exchange executive, and Madlena, a former executive at the Hungarian central securities depository.

It rolled out with 10 French stocks including Air France (AIRF.PA), and plans a gradual introduction of the remaining 825 pan-European stocks over the coming six weeks.

Alternative trading venues in Europe including Chi-X Europe, Turquoise, BATS Europe and Equiduct are still struggling to make a profit. (Reporting by Daisy Ku; Editing by Hans Peters)