The Warsaw Stock Exchange - GPW

Warsaw Stock ExchangeImportant Events in 2013A high number of IPOs2012 brought a record number of IPOs tothe WSE again. 105 new issuers on its twoequities markets assured European leadershipfor the WSE in terms of IPOs and a fifthposition in terms of the value of IPOs. 40%of all European IPOs in 2012 took place onthe Warsaw trading floor.89 out of 105 IPOs took place on NewConnect,the most dynamically growing alternativemarket in Europe. At the end of 2012,a total of 429 companies were listed there.Catalyst, the WSE debt market, also developedrobustly during 2012. The number ofissuers leapt to 156, and the value of issuesgrew by 30.9%, reaching a record mark ofPLN 52.3 billion.Expanded range of WSE’sproducts and servicesThe Warsaw Stock Exchange gives investorsan opportunity to trade in a broad arrayof financial instruments which are alsotraded on global markets. Investors maychoose from global indices, precious metalsand agricultural produce.In September, 237 structured products wereadded to the range, among them: turbo certificates,trackers, WIG20 warrants and, as anew arrival on the WSE, factor certificateswhich enable commodities investmentswith a fixed leverage (gold, silver, oil, sugar,wheat and corn), as well as stock exchangeindices (EURO, STOXX50, WIG20 and DAX).In April 2012 an opportunity to place crossorders was offered. Cross orders supplementthe entire range of orders and arelikely to drive the trading volume on theWSE. Cross orders are intended for WSEmembers, enabling transactions betweendifferent customers of a particular WSEmember or between a WSE member and itscustomer. Those orders are a format fallingbetween orders underlying the session tradingand orders underlying block trades.New indicesIn 2012, two new indices were added to thelist of WSE ratios.Starting from May 2012, the WSE has beencalculating WIG-CEE, which was introducedin response to the growing number of issuersfrom Central and Eastern Europe, andas an element of the WSE’s strategy to reinforceits position in the region. After WIG-Poland and WIG-Ukraine, WIG-CEE is thethird index based on the criterion of the issuer’scountry of origin.On 3 December 2012 the WSE launchedWIG20TR. The composition of this indexcorresponds with the WIG20 portfoliobut, unlike WIG20, which is a price index,WIG20TR is calculated on the basis of yieldfrom shares (dividends and pre-emptiverights). For this reason, it is WIG20TR thatshould be viewed as the main point of referenceto assess investments in the largestlisted companies.Takeover of the Polish PowerExchange (TGE)In February 2012 the WSE acquired sharesin TGE in two tranches, 80.33% and 7.67%respectively, thus gaining control over TGEand its subsidiaries. Following subsequenttransactions, the WSE’s stake in TGE stoodat 100% as of 31 December 2012.The takeover of TGE by the WSE was animportant step for the development andconsolidation of trading in commodities andcommodity-based financial instruments.17