|Warsaw Stock Exchange|
|Key People||Ludwik Sobolewski, president|
|Products||Cash equities, bonds, index futures and options, stock options and currency futures|
The Warsaw Stock Exchange (WSE) is an electronic platform offering trading, clearing and settlement of cash equities, bonds and derivatives. It hosts Poland's benchmark Wig-20 stock market index.
The exchange is planning an initial public offering (IPO) for November of 2010. In late June of 2010, WSE agreed to buy a trading platform from NYSE Euronext. It was believed the strategic partnership could eventually lead to the Polish Treasury's sale of its minority stake in the exchange. At that time, the Treasury - which at one time held a 98 percent stake - planned to hold on to 25 percent to 30 percent in the business after the IPO.
In mid-October of 2010, Poland’s financial regulator approved the prospectus for an IPO by the WSE, paving the way for the first trading debut by a central European bourse operator.
Global Volume Ranking
The Warsaw Stock Exchange ranked number 35 in 2009 in the Futures Industry Association's (FIA) global list of top 53 derivatives exchanges measured by volume, up 10 percent on 2008's volume figure.
The FIA list, published in early April 2010, reports that that WSE's total volume for 2009 rose to 13.8 million from 2008's figure of 12.5 million.
The first stock exchange in Warsaw was opened on May 12, 1817, focusing on bonds and other debt instruments, with equities not added until the second half of the 20th century. Before the Second World War seven stock exchanges operated in Poland.
The WSE re-emerged after the end of the communist era in 1989, with the Warsaw Stock Exchange joint-stock company established by the state treasury in April 1991.
In February 2009, the exchange said it invited four international exchanges to buy the bourse - London Stock Exchange, Deutsche Boerse, Nasdaq OMX and NYSE Euronext.
The effort fell through in the final weeks of 2009 because of a lackluster response to the offering. Initially, the London Stock Exchange, Nasdaq OMX, NYSE Euronext and Deutsche Boerse all responded to the invitation, but London withdrew before the process was concluded and in the end only the Frankfurt exchange submitted a bid. Following the failed sale, the Treasury decided to organize an IPO for the Warsaw Stock Exchange.
Structure and Regulation
The main equities market lists 304 domestic companies and 23 foreign companies as of Dec. 31, 2007, and equity volume rose from Zl339bn in 2006 to Zl479bn in 2007. Futures volumes rose from 6.4 million contracts in 2006 to 9.5 million in 2007.
The WSE is overseen by Poland's Financial Supervisory Commission, and trading hours are from 9 a.m. to 4:30 p.m.
Chief Executive Officer Ludwik Sobolewski.
The futures market started on Jan. 16, 1998 with the launch of Wig-20 index contracts. Corporate bonds were added in 2006
The Warsaw Stock Exchange received a boost in early July 2010, announcing a new partnership with NYSE Euronext that will allow WSE to use the New York-based exchange operator's Universal Trading Platform to expand its cash and derivatives markets. The "strategic, long-term co-operation" with NYSE Euronext was a significant step towards the WSE's development as an international exchange, according to CEO Ludwik Sobolewski. The WSE's market capitalization, at US$152bn, is now almost double that of regional arch-rival the Vienna Stock Exchange. The WSE is also dominating the continent's initial public offering (IPO) market and in early 2010 brought to investors Europe's largest IPO in more than two years.
- ↑ Warsaw bourse IPO one step closer. Warsaw Business Journal.
- ↑ Warsaw Bourse To Buy Trading Platform From NYSE Euronext -Tsy. Dow Jones.
- ↑ Warsaw Exchange Wins Approval to Sell Shares in IPO. Bloomberg/Businessweek.
- ↑ 2009 Annual Volume Survey. FIA magazine.
- ↑ Annual report. WSE.
- ↑ Four Groups Eyed For Warsaw Stock Exchange. Financial Times.
- ↑ NYSE Euronext Seeks Purchases, Eyes Warsaw, Athens Exchanges. Bloomberg.
- ↑ Annual report. WSE.
- ↑ Warsaw and Vienna vie for listings. Financial Times.