- GPW has completed public consultations of changes in the sector classification of issuers
- GPW will introduce a uniform classification of issuers of shares and bonds on the regulated market and in the alternative trading system as of the beginning of 2017
- Following the changes in the classification of issuers, GPW will publish three new sector indices
The Warsaw Stock Exchange introduces a new sector classification of issuers as of the beginning of 2017. The new rules will apply to issuers of shares and bonds listed on the GPW regulated and alternative markets.
The changes follow consultations with market participants including issuers and investors. GPW has accepted their comments; there were few reservations, which suggests that the proposed changes have been welcomed by issuers and investors.
“We have completed public consultations of the changes in the sector classification of issuers. We want to better highlight those sectors which the listed companies represent. The new sector classification follows international standards and applies uniformly to all issuers of shares and bonds. We believe that the new three-level classification of each sector will allow us in the future to introduce new financial instruments based on the new indices. We wish to thank everyone involved for their participation in the public consultations,” said Professor Małgorzata Zaleska, President of the Management Board of GPW.
The new classification of issuers effective as of the beginning of 2017 includes three levels of issuer categories broken down by business profile and client groups: macrosector, sector, and subsector. This will facilitate comparative reviews of issuers. The new classification comprises 38 sectors, including new additions such as e-trade, clothes and cosmetics, video games, leasing and factoring. The biggest number of issuers (45) have been classified in the construction sector, followed by real estate (31) and engineering (30). As measured by capitalisation, the biggest share is that of banks (49.28 percent) followed by oil and gas (9.7 percent) and energy (7.56 percent).[1]
“The new sector classification reflects economic developments. The previous classification was based on the production profile whereas the new classification looks at client groups,” said Artur Sierant, CEO of Notoria Serwis which is GPW’s partner in the process of sector classification of issuers.
The change of the sector classification of issuers will affect sector indices as well. The existing indices WIG-developers and WIG-basic materials will be replaced by WIG-real estate and WIG-mining. GPW will publish new sector indices in 2017: WIG-medicines, WIG-automotive, and WIG-clothing.
Information about the new sector classification of issuers and sector indices will be published in the GPW information service starting in 2017.
[1] As at 30.11.2016.
