WARSAW
STOCK EXCHANGE
2014
WARSAW STOCK EXCHANGE
WSE MAIN MARKET – Market capitalization and number of companies, 1999-2013
WSE: EUROPEAN UNION’s MOST DYNAMIC STOCK EXCHANGE
The Warsaw bourse is among the fastest-growing exchanges in Europe, holding an unquestionable leadership role in Central and Eastern Europe in terms of key market indicators, such as market capitalisation, trading value and the number of listed companies. In terms of IPOs, WSE has been among the top European exchanges for a number of years. WSE is a medium-sized European stock exchange which owes its growth to state-of-the-art infrastructure, in line with more mature markets, as well as sound regulations and highly active market participants.
IPO: WSE AMONG EUROPEAN LEADERS
For several years now, Warsaw Stock Exchange has been a leading European exchange by the number of IPOs. In 2013, WSE ranked #2 in Europe by the number of IPOs with 54 IPOs on both equities markets. The IPOs in Warsaw represented 20.2% of all IPOs in Europe in the past year. In terms of the value of IPOs on the stock markets in 2013, WSE ranked fifth among European exchanges with EUR 1,137 million.
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20201212 2013 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 0 50 100 150 200 250 300 350 400 450
Capitalisation (EUR million)*
*Polish and foreign companies, eop exchange rate published by the Polish National Bank
N o . o f co m p a n ie s
No. of companies
Ca pi ta lis at io n
WARSAW STOCK EXCHANGE
Number of companies 450 438
incl. foreign companies 47 43
1)
Market value of domestic companies (EUR bn) 142 128
1)
Market value of foreign companies (EUR bn) 59.5 51.5
2)
Equities – trading value (EUR bn) 61.3 49.7
Futures market – trading volume (million contracts) 11.8 10.6
3)
P/E 15.8 11.7
3)
P/BV 0.96 0.89
1)eop exchange rate, Polish National Bank single counted, avg. exchange rate, Polish National Bank2)
3)avg. for all companies
2012
2013
0 20 40 60 100 140
80 120
NYSE Euronext
2
6
3
1
Italy NASDAQ
OMX
15
Warsaw Stock Exchange
5
4
London Stock Exchange
10
7
Oslo
11
WSE.2020 – WSE’s NEW DEVELOPMENT STRATEGY FOR 2014-2020
WSE.2020 highlights WSE’s determination to achieve the goal of ensuring a stable and operationally safe business model, with new, long term sources of growth, leading to long term value creation for its shareholders. Furthermore, this goal will allow WSE to realise its broader mission of building an international capital centre in Central and Eastern Europe, which ultimately aims at increasing the attractiveness of the regional capital market among issuers and investors as well as supporting further growth of CEE economies.
The key strategic focus of WSE.2020 includes: maximization of current sources of growth for the WSE Group, diversification of revenue sources by developing existing business lines and launching new ones, and internationalisation of business.
WSE’s strategic goal of attaining a leading role in the Central and Eastern European region and an important position on the European capital markets landscape, is to be achieved independently, or via strategic alliances and cooperation with significant capital market entities.
WSE’s OFFERING FOR ISSUERS AND INVESTORS
Trading on Warsaw Stock Exchange takes place on four markets:
The Main Markethas been in operation since 16 April 1991.
A regulated market supervised by the Polish Financial Supervision Authority, it is a trading platform for shares, bonds, pre-emptive rights, rights to shares, investment certificates, structured products, ETFs, warrants and derivatives.
NUMBER OF IPOs IN EUROPE IN 2013* (TOP 6 EXCHANGES)
Source: IPO Watch Europe Report, PwC *Regulated and alternative markets
www.wse.com.pl
WSE MEMBERS
Both domestic and international investors have access to Warsaw Stock Exchange through WSE trading members – Polish and international banks and investment firms. At the end of 2013 there were 57 trading members, including 31 Polish and 26 international companies. The full list of WSE members is available at www.wse.com.pl
WSE derivatives market, in operation since 1998, provides many choices for investors:
• Index WIG20 and mWIG40 futures,
• Currency futures (USD/PLN, EUR/PLN, and CHF/PLN), • Single stock futures contracts for the most liquid companies, • WIG20 index options,
• T-bond futures, • STIR futures, • MiniWIG20 (IPUs).
The Warsaw derivatives market is the most significant market of its kind among CEE exchanges. WSE is a leading European exchange in terms of derivatives trading volume. So far, the majority of trading in derivatives on WSE has been generated by WIG20 index futures. In 2013, WSE ranked fifth among European exchanges in terms of index futures trading volume. Furthermore, the derivatives turnover at WSE is becoming increasingly diversified with currency and single stock futures gaining popularity among Polish and international investors. In 2013, WSE launched interest rate derivatives – Treasury bonds and STIR futures.
NewConnect, launched on 30 August 2007, is the WSE’s alternative trading platform. This market is designed primarily for dynamic start-ups operating in the new technologies sector.
NewConnect is among the youngest, but also the most robust alternative markets in Europe. In 2013, 42 companies were newly listed. At the end of 2013, after more than 6 years of operations, there were 445 companies listed on NewConnect, including 11 foreign companies.
Catalystis a market for debt instruments – corporate bonds, municipal bonds, mortgage bonds and Treasury bonds – opened on 30 September 2009. It consists of two platforms organized as regulated markets and two as alternative trading systems (ATS), for both retail and wholesale customers. At the end of 2013, 442 series of debt instruments issued by 176 issuers were listed on the market.
2009 2011
2012
2013 2010
WSE INDICES
The key indices published by Warsaw Stock Exchange:
WIG30 – WSE ‘blue chip’ index which includes the 30 biggest and the most liquid companies.
WIG50 – includes stocks of 50 mid-cap companies listed on the WSE's Main Market.
WIG250 – includes 250 small-cap stocks listed on the WSE's Main Market.
WIG – the oldest WSE index, calculated since the first ever trading session in 1991. It covers all
listed companies which meet the relevant free float and financial standing criteria.
At the end of 2015, WSE will finalise recent reforms in main indices portfolios and will cease publishing WIG20 and mWIG40 indices:
WIG20 – ‘blue chip’ index calculated using the stock prices of 20 largest and most traded companies.
mWIG40– covers 40 mid-cap companies (in terms of free float and trading value).
For more information about WSE’s indices, please visit www.wse.com.pl and www.newconnect.pl
WSE ONLINE
The Warsaw bourse publishes market data via its publicly accessible website, www.wse.com.pl. This is WSE's main portal which provides quotations with a delay of 15 minutes. The exceptions are WIG30 and WIG20 values, which are published in real time. WSE’s website brings current updates and resolutions adopted by the Management Board and Supervisory Board, an extensive range of statistics, information about the organisation, operation and history of the Warsaw bourse, legal regulations as well as educational materials.
www.newconnect.eu is the main website of NewConnect, WSE’ alternative market. The site features
index values and stock quotations. Moreover, it brings recent updates, legal regulations, statistics and contact details of all listed companies, Authorised Advisers, market participants and data distributors.
www.wsecatalyst.pl is the website dedicated to Catalyst, WSE’s debt market, and provides information
on listed instruments, market data, quotations, educational materials for investors, information for potential issuers, issuers’ documents and reports as well as Catalyst regulations.
www.WSEInfoSpace.eu is the website providing comprehensive information about Polish and foreign
companies listed on WSE as well as economic and business events on CEE markets.
www.corp-gov.gpw.pl is the website devoted to corporate governance of listed companies.
INVESTOR STRUCTURE IN 2009-2013 (%)
Foreign investors Domestic individual investors Domestic institutional investors Investors Instruments
Equities (WSE Main List) Equities (NewConnect) Futures contracts Options
Equities (WSE Main List) Equities (NewConnect) Futures contracts Options
Equities (WSE Main List) Equities (NewConnect) Futures contracts Options 47 7 17 17 15 69 50 37 38 24 33 46 48
10 3 2 2
17 16 14 11
11 24 12 4
18 18 19 27
73 77 87 88
47 46 50 52
50 64 60 65
34 35 34 37
17 20 11 10
36 38 36 37
39 12 28 31
47 47 36
INVESTOR STRUCTURE
Książęca 4, 00-498 Warsaw, Poland
Tel. +48 22 628 32 32, fax: +48 22 628 17 54 [email protected], www.wse.com.pl
Warsaw, May 2014 WARSAW STOCK EXCHANGE
Apple iOS and Android users of the application can access quotations, key
statistics and latest news from the WSE Main Market, NewConnect and Catalyst. The application is available in two language versions, Polish and English, free of charge and available for download
at www.wse.com.pl
GPWtr@der– a learning platform which tracks stocks and futures traded on WSE. Investors allocate
virtual money, with their orders being executed on bid and ask quotes sourced from the real market. The simulation also includes brokerage fees. The platform operates within UTP, WSE’s trading system,
and publishes data with a 15-minute delay. The application is available at www.gpwtrader.pl
UTP: WSE’s STATE-OF-THE-ART TRADING SYSTEM
Since 15 April 2013, Warsaw Stock Exchange operates UTP, developed by NYSE Technologies, in line with its growing international ambitions. UTP is well known to international investors and brokers on the world’s biggest markets, and is used by the NYSE Euronext stock exchanges in New York, Paris, Lisbon, Amsterdam and Brussels, as well as many other stock markets.
STRENGHTENING WSE’s INTERNATIONAL ACTIVITY
Successful implementation of WSE’s international strategy has resulted in a growing number of foreign issuers, brokers, investors and partners. In 2013, WSE appointed a representative in London and has operated a representative office in Kiev (Ukraine) since 2008. In 2013, WSE acquired a stake in Aquis Exchange, UK-based multilateral trading facility, which will operate a pan-European equities platform and plans to offer over 1,200 stocks from 14 Western European markets. WSE’s investments aim to further diversify its sources of revenue and strengthen Warsaw’s role as the financial hub in the CEE region.
WARSAW STOCK EXCHANGE AS A WSE-LISTED COMPANY
As the crowning moment of the 20 years of robust growth, Warsaw Stock Exchange conducted a public offering and brought its shares to its own Main Market on 9 November 2010. As a public company, WSE aims to raise its international profile by expanding its product range for investors and issuers, seeking new companies and intermediaries, and improving the market in terms of organisation, technologies and legal regulations.
