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The Polish capital market was set up in 1991. While creating the Polish capital market, the experiences of other countries (particularly the US and France) were taken into account. That is why its main characteristics are: strong supervision, high disclosure requirements, and dematerialized and electronic trade. Moreover, the legal framework concerning public trading in securities was based on appropriate standards: US law and EU Directives, which ensures that you will find them similar to other countries' regulations.
The Polish capital market is regulated by the Polish Securities and Exchange Commission (PSEC). In order to guarantee political independence of the regulator, the Chairman of the Commission is appointed by the Prime Minister upon the joint request of the Minister of Finance and the President of the National Bank of Poland, with consideration to be given to opinions expressed by appropriate Parliamentary commissions.
Warsaw Stock Exchange
The Warsaw Stock Exchange (WSE) started activity in April 1991. At its first session only five companies were listed, and for the first year the market operated only once a week. After 11 years in existence this had completely changed. By 2002, 271 companies were listed, with 49 companies undertaking brokerage activity serving 1.2 million investment accounts. Now the Warsaw Stock Exchange is the largest in Central and Eastern Europe. Annual turnover on the public market reached more than 49 billion euro in 2005, and the capitalisation of 267 listed companies stands at 118 billion euro currently.
In 2000, the WSE set up WARSET – a modern system of stock trading which, amongst other things, allows continuous trading. Privatisation of the WSE and the choice of its further strategic development await – an alliance with a European partner is necessary. It also signed a strategic understanding with Euronext, the pan-European bourse headquartered in Amsterdam.
In January 1998, the WSE launched its derivatives market as trading in futures contracts on the WIG20 index began.
Presently on the WSE there are several dozen derivatives series in the following categories:
* Futures contracts on indices: WIG20, MIDWIG, TechWIG; on stocks of nine companies; on currencies: USD and EURO,
* options on the WIG20 index and individual stocks
* European and American style warrants on stocks and futures contracts; both put and call warrants are available for trading,
* Index participation units - MiniWIG20 - based on the WIG20 index reflecting the price performance of the 20 biggest and most liquid companies; the return rate on investment in MiniWIG20 corresponds with percentage changes of the WIG20 index.
Two types of debt instruments are traded on the Warsaw Stock Exchange: Treasury and corporate bonds. All bonds are quoted in the continuous trading system. The transaction unit is one bond.
Investment funds
In developing market economies an important role in the development of the capital markets is played by investment funds. The case is similar in Poland. Investment funds are institutions pooling the resources of their participants and directing them into various types of financial instrument. They are a very effective form of savings, a modern alternative to bank accounts, direct investment in stocks and shares and life insurance. 24 Investment fund corporations were registered at PSEC on 2006-08-31. Value of net assets of investment funds reached 13 billion EUR at the end of 2005.
The Polish capital market is regulated by the Polish Securities and Exchange Commission (PSEC). In order to guarantee political independence of the regulator, the Chairman of the Commission is appointed by the Prime Minister upon the joint request of the Minister of Finance and the President of the National Bank of Poland, with consideration to be given to opinions expressed by appropriate Parliamentary commissions.
Warsaw Stock Exchange
The Warsaw Stock Exchange (WSE) started activity in April 1991. At its first session only five companies were listed, and for the first year the market operated only once a week. After 11 years in existence this had completely changed. By 2002, 271 companies were listed, with 49 companies undertaking brokerage activity serving 1.2 million investment accounts. Now the Warsaw Stock Exchange is the largest in Central and Eastern Europe. Annual turnover on the public market reached more than 49 billion euro in 2005, and the capitalisation of 267 listed companies stands at 118 billion euro currently.
In 2000, the WSE set up WARSET – a modern system of stock trading which, amongst other things, allows continuous trading. Privatisation of the WSE and the choice of its further strategic development await – an alliance with a European partner is necessary. It also signed a strategic understanding with Euronext, the pan-European bourse headquartered in Amsterdam.
In January 1998, the WSE launched its derivatives market as trading in futures contracts on the WIG20 index began.
Presently on the WSE there are several dozen derivatives series in the following categories:
* Futures contracts on indices: WIG20, MIDWIG, TechWIG; on stocks of nine companies; on currencies: USD and EURO,
* options on the WIG20 index and individual stocks
* European and American style warrants on stocks and futures contracts; both put and call warrants are available for trading,
* Index participation units - MiniWIG20 - based on the WIG20 index reflecting the price performance of the 20 biggest and most liquid companies; the return rate on investment in MiniWIG20 corresponds with percentage changes of the WIG20 index.
Two types of debt instruments are traded on the Warsaw Stock Exchange: Treasury and corporate bonds. All bonds are quoted in the continuous trading system. The transaction unit is one bond.
Investment funds
In developing market economies an important role in the development of the capital markets is played by investment funds. The case is similar in Poland. Investment funds are institutions pooling the resources of their participants and directing them into various types of financial instrument. They are a very effective form of savings, a modern alternative to bank accounts, direct investment in stocks and shares and life insurance. 24 Investment fund corporations were registered at PSEC on 2006-08-31. Value of net assets of investment funds reached 13 billion EUR at the end of 2005.