The Warsaw Stock Exchange - GPW

Warsaw Stock ExchangeWSE markets (as at end of 2012)Warsaw Stock ExchangeMAIN LIST(Regulated)NEW CONNECT(Alternative Trading System)CATALYSTWSE and BondSpotMarket of Debt Instruments(Regulated + Alternative Trading System)WSE Energy MarketMAINPARALLELRegulatory and supervisorypowers of the WSEUnder the Act on Trading in Financial Instruments,the WSE defines, in its Rules, areassuch as the criteria and condition for admissionto trading on its markets, the rules of tradingin financial instruments as well as issuers’ disclosureson the market which is not the officialquotations market. The WSE Rules also definethe eligibility criteria for WSE membership. Thespecific rules of trading, the order placementand transaction regime are defined in the DetailedRules Exchange Trading Rules. Thosedocuments are available from www.gpw.pl.The Warsaw Stock Exchange supervises theperformance of obligations by issuers andWSE members, as defined in the WSE Rules.Failure to adhere to those obligations may besubject to a penalty defined in the Rules.As the organiser of the Alternative Trading System,the WSE defines the rules of operationunder the ATS in the Rules of the AlternativeTrading System. Those Rules apply to the tradingin equities on NewConnect and to tradingin debt instruments on Catalyst.The legal regulations of the WSE are constantlyreviewed from the perspective of trading practices,improvement of standards, security oftrading and suggestions put forward by marketparticipants.Stock market informationDissemination of market information is amongthe key responsibilities of the Warsaw StockExchange. Stock market information is distributedmainly through electronic channels.Information is made available through commercialand public services. Distributors thathave signed a relevant agreement with theWSE are provided with market information ona commercial basis, receiving data in real timevia satellite. Distributors then forward the datato other groups of recipients such as individualinvestors or financial institutions.Apart from paid-for commercial services, availablethrough data vendors, brokerage houses,internet portals or mobile operators, investorscan also access the WSE’s market informationfree of charge: via websites of particular markets,specialised content sites or Teletext frompublic television (TVP). However, the coverageoffered by public sources is limited and providedwith some delay. The WSE also publishesCeduła, an official daily electronic bulletin featuringquotations and market indicators.More information on data distribution fromWSE-operated markets can be found on pages174, 279 and 351.13