The Warsaw Stock Exchange - GPW

Fact Book 2012Electronic Distribution of Market DataThe last few years have seen mass-scale accessto WSE data, primarily though the useof the Internet as a data distribution channel.Commercial servicesServices delivered via data vendorsThe recipients of commercial stock marketnews services are professional data vendors,whether traditional, such as news agencies,or new, such as brokerage houses, virtualbanks, Internet portals and software houses.Data vendors offer market information to theirclients, domestic and foreign, including brokeragehouses, banks, other financial marketparticipants and individual investors. All vendorsmay purchase, on equal terms, real-timedata services offered by the WSE, including:Service A - Cash market- Offerings and transactions,Service B - Derivatives- Offerings and transactions,Service I - WSE indices,Service C - Statistical information.Service D - NewConnectService E- Debt instruments listed on theWSE and BondSpot.The 57 data vendors (December 2011) whohave signed relevant agreements with theWarsaw Stock Exchange include renownednews agencies (Thomson Reuters, Bloomberg,Polish Press Agency, Interactive Data, SIXTelekurs), Polish and international brokeragehouses (DM BZWBK, DM BPH, CDM Pekao,ING Securities, DM BOŚ, DI BRE, DM Millennium,BDM PKO BP), virtual banks (mBank,Multibank), major Polish web portals (generalcontent sites such as Onet, WirtualnaPolskaor Interia, and specialized sites such as Bankier.pland Parkiet.pl) and software houses(Statica).Mobile telephones are increasingly used byinvestors as a vehicle to deliver stock marketdata. Mobile phone owners can use commercialnews services to access a full range ofstock exchange data, price alert options or abundle of prices on securities within a portfolio.The WSE charges a fixed annual fee fromvendors. Firms connected directly to the WSEsystem pay a technical fee and a distributionfee, while the so-called sub-vendors, whoreceive stock market data through anothervendor, pay only a distribution fee.For real-time market data (transferred withinmax. 15 minutes after it becomes availablefrom the WSE), the Warsaw Stock Exchangealso charges fees based on the number of endrecipients (subscribers). Under the WSE vendoragreement, data provided in real-time maynot be redistributed without the prior consentof the WSE unless it is delayed by at least 15minutes (no fees are charged for delayed dataand such data may be freely re-distributed,e.g. on publicly accessible websites).184