The Warsaw Stock Exchange (WSE), Giełda Papierów Wartościowych w Warszawie, is a stock exchange located in Warsaw, Poland. It is the largest stock exchange in the region, with a capitalisation of €221 billion.
The legal framework for exchange operations is provided by three acts from 29th July 2005:
Additionally, the WSE is governed by the Code of Commercial Companies of 2000, the Statutes of the Warsaw Stock Exchange, the Rules of the Warsaw Stock Exchange, and the Rules of the Stock Exchange Court.
Since its inception, the WSE has engaged in electronic trading. The WARSET trading platform has been in use since November 2000. An additional market called NewConnect was introduced on 30th August 2007.
The exchange has pre-market sessions from 08:00am to 09:00pm, normal trading sessions from 09:00pm to 04:20pm and post-market sessions from 04:20pm to 04:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.
It was only after the fall of the communist regime in 1989, that the Warsaw Stock Exchange could be reestablished. Much needed experience and financial aid was provided by France (especially the Société des Bourses Françaises). The WSE began activity in its present form on 16 April 1991. On the first trading day only five stocks were listed (Tonsil, Próchnik, Krosno, Kable, and Exbud). Seven brokerages took part in the trading, and there were 112 buy and sell orders, with a turnover of only 1,990 złotys ($2,000).
In the years 1991-2000, the stock exchange was located in the building which during the previous, and then recent, communist years had been the seat of the Central Committee of the ruling Polish Communist Party. This can be considered an interesting reflection on the rapid transition of Poland from a communist to a market economy.
Since then the WSE has been developing and growing rapidly and is now perceived as well established on the European market. In September 2008 the stock exchange was recognized as an "Advanced Emerging" exchange by FTSE, alongside markets from such countries as South Korea or Taiwan.