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Stock exchange

The first legislation regarding public trading in securities and the establishment of the Warsaw Stock Exchange (the WSE) in Poland was enacted in 1991. In November 2010, the WSE went public and its shares were listed in Warsaw.

The WSE operates the Main Market and also acts as an operator of the alternative market called NewConnect  (established in August 2007) for smaller companies. In September 2009, the WSE launched Catalyst , the first organised market in debt securities in Poland and a unique market of its kind in Central and Eastern Europe. The system facilitates and optimises corporate and municipal bonds issuances. BondSpot SA, a subsidiary of the WSE, also operates the Treasury BondSpot Poland, which is a wholesale market dedicated to trading in Treasury bonds and Treasury bills.

Since January 1998, with the launch of futures contracts based on the WIG20 (blue chip index), the WSE has also been operating a derivatives market. In January 2001, the first equity futures contracts were introduced. In September 2003, trading in options based on the WIG20 was launched on the WSE. In 2010, the WSE enabled short selling under new rules and listed the first Exchange Traded Fund. The WSE currently lists 11 ETFs.

At the end of December 2023, there were 41 members of the WSE (21 local members and 20 foreign members). In December 2023, there were 3,423 licensed brokers of securities and 925 licensed investment advisors.

Foreign investors may trade on the WSE on the same terms as domestic investors and may freely repatriate trading profits in a foreign currency.

Settlement in Poland is conducted on a delivery-versus-payment basis. Each investor is required to hold a securities account and a cash account with a local broker or custodian. Each broker and custodian is required to hold a securities account in the National Depository for Securities and maintain a cash account with a clearing bank.

The system is fully computerised. All securities admitted for trading on the WSE markets are registered in book-entry form only. Shareholders are provided with deposit certificates and account statements by the broker or custodian with whom they hold an account.

Information on the publication of the document
Last updated on:
05.03.2024 10:28 Anna Zaborska
First published on:
31.01.2019 15:44 Jolanta Skoczylas
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