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- Record-high number of new listings on the three markets operated by the Warsaw Stock Exchange
- Strengthened position of the Polish stock exchange in a year difficult for European and global financial markets
- New instruments, indices, and market support solutions.
The year 2011 has been very special in the history of the Warsaw Stock Exchange. The first full year of the WSE as a public company coincided with economic slow-down across the European economy and uncertainty of entrepreneurs about the outlook of business in the coming months and years. In this context, the WSE’s first position among European securities exchanges and the record-high number of IPOs on the Warsaw trading floor as compared to other European exchanges have become proof of the unique robustness of the Polish exchange market and have been broadly commented internationally. Despite turbulences on the European financial markets, more than 200 companies have been newly listed on the WSE stock markets (Main Market and NewConnect combined). As measured by the value of IPOs, the WSE ranked third among European exchanges after Q3 2011 (according to IPO Watch Q3/2011), ahead of Deutsche Boerse, the Oslo Stock Exchange and the Nasdaq OMX group among others.
Thirty-eight companies have been newly listed on the WSE Main Market in 2011, including Jastrzębska Spółka Węglowa, Europe’s fourth biggest IPO in 2011. Close to 430 companies are listed on the WSE Main Market at the end of 2011.
Issuers have been very active on the NewConnect market, where almost 170 companies have been newly listed. As a result, the number of listings on the WSE alternative trading floor has nearly doubled within the year. NewConnect currently lists 345 companies.
The fixed-income instruments market Catalyst, opened by the WSE in the autumn of 2009, attracts increasing interest. Fifty-six issuers have been newly listed on Catalyst in 2011 alone. Two years since its creation, Catalyst has ranked second by the number of listed instruments among all bonds markets of the region (according to FESE 11/2011). In November, PKO Finance bonds were introduced to trading on Catalyst, becoming the first bonds listed in a foreign currency. At the end of 2011, Catalyst lists almost 200 series of debt instruments, issued by around 100 entities. In view of the dynamic growth of the WSE’s bonds market and the Treasury securities market operated by its subsidiary Bond Spot, in February 2011 the WSE launched Poland’s first official Treasury bonds index Treasury BondSpot Poland (TBSP.Index).
Despite market uncertainties, interest of foreign issuers in listing on the WSE has increased. Out of 46 non-Polish companies listed on the Warsaw Stock Exchange, no less than 15 have been newly listed in 2011. The new foreign listings on the Main Market include among others another six Ukrainian companies, two Lithuanian companies, and recently two Bulgarian companies, among them the biggest pharmaceutical producer Sopharma AD. Currently, the WSE lists foreign companies from 20 countries. The biggest group are the eleven Ukrainian companies listed on both stock markets operated by the WSE. In February 2011, Kernel Holding became the first Ukrainian company to participate in the WSE’s WIG20 index. The second biggest group are Czech issuers (seven companies).
In view of the rising number of Ukrainian issuers on the Warsaw trading floor, on 4 May 2011 the WSE launched a new index, WIG-Ukraine, the first and only index outside Ukraine whose portfolio consists of only Ukrainian companies. Another new important index calculated as of early 2011 is WIGdiv, which represents companies paying regular dividends. On 1 December 2011, the WIG20, mWIG40 and sWIG80 index family was extended to include WIGPlus, which tracks the performance of the smallest companies listed on the WSE Main Market. In addition, the commodity sector sub-index WIG-surowce has been launched in 2011.
In 2011, the WSE has significantly expanded the range of investment instruments. Warrants have been introduced to trading, as well as new futures, including contracts on the shares of Grupa Lotos, Petrolinvest, and CD Projekt Red. In November, new futures were introduced to trading: contracts on the shares of TVN, Globe Trade Centre, Jastrzębska Spółka Węglowa, Lubelski Węgiel Bogdanka, and the first foreign company Kernel Holding.
In December 2011, 31 series of leverage knock-out (turbo) certificates were introduced to trading; this is a new type of structured products.
The WSE’s growing importance and recognition among other markets has over the year attracted new issuers and investors as well as brokers, both Polish and foreign. The number of IPO Partners has grown to 27 entities in 12 countries. At the end of 2011, the WSE has 30 domestic and 31 foreign (remote) Exchange Members.
One of the highlights of the past year is the agreement signed by the WSE in November to acquire 80.33% of Towarowa Giełda Energii. After the start-up of the WSE poee Energy Market in December 2010, this is yet another step on the way to the development of trading in exchange commodities and financial instruments based on exchange commodities.
