Warsaw Stock Exchange looks stateside to boost regional role
Chief executive aims to extend NYSE-Euronext links to ease cross-market trading
Sunday 29 May 2011
The Warsaw Stock Exchange (WSE) is looking to deepen its partnership with New York as it aims to entrench its position as the leading European bourse east of Frankfurt.
The exchange signed a technology-sharing agreement with the NYSE-Euronext group last year. However, WSE chief executive Ludwik Sobolewski said that there were some early talks to extend this, such as by allowing financial intermediaries, including brokers, to be able to more easily act in each other's markets.
"For the partnership with the NYSE, maybe there are some business initiatives that could result," said Mr Sobolewski. "Maybe in areas like data distribution and cross-membership, so investment firms executing trades."
The WSE has taken over from Austria as central and eastern Europe's leading stock exchange in the past few years. For example, the companies on its exchange are worth the best part of double that of Vienna, the region's next biggest exchange.
Mr Sobolewski said that the current wave mergers between some of the world's biggest exchanges, including London's proposed deal with Toronto, could boost trade on the WSE. He said that a new wave of mega-exchanges would naturally concentrate on the world's biggest companies, meaning that many mid-sized companies could look to Warsaw where they would have much greater exposure to investors.
"With London intending to merge with Toronto they will be less focused on areas where we think we might have a strategic advantage," argued Mr Sobolewski.
"Even now in the agriculture sector we are the number one choice [of exchange] for Ukrainian companies. They realise that you do not necessarily need to go to Frankfurt or London to get additional capital. They hope that they will be more visible in the [central Europe] region."
Mr Sobolewski led the WSE's own listing on the exchange last November, one of a number of privatisations angering Polish unions.
There were protests in Warsaw last week over some of these plans when the WSE was hosting a major international summit on central and eastern European listings that attracted big companies and bankers from across the Continent.
However, senior politicians remained unrepentant, insisting their plans for the country were correct.
- 1 What happens to your body when you give up sugar?
- 2 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 3 Have sex with your iPad thanks to the new sex toy no-one asked for
- 4 African jawbone discovery pushes birth of humanity back by 400,000 years
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Out-of-touch MPs ‘don’t get it’, says ex-Civil Service chief
George Clooney and Amal fail to get special treatment at New York restaurant
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
African jawbone discovery pushes birth of humanity back by 400,000 years
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...