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- The working group for the trading session schedule and launch of evening trading presented the conclusions of the prepared analytical material on 2 March 2013.
- The WSE will receive additional analyses performed by an international consultancy which specialises in capital markets by 15 March 2013.
- Following the distribution of the complete set of analyses to the stakeholder community, a decision on the trading session schedule will be made in the latter half of March 2013.
The objective of the work of the independent group, which started its activity on 22 January 2013, has been to prepare an analytical material and to present the resulting conclusions to the stakeholder community at the Programmatic Conference of the Chamber of Brokerage Houses (IDM) in Bukowina Tatrzańska on 1-3 March 2013 in order to initiate dialogue based on the outcome of joint analyses.
The presented material indicates that quantitative analysis can neither clearly corroborate nor refute the thesis that the extension of the trading session has had a positive impact on the value of trading. After the extension of the trading session on the WSE, the turnover was 18% higher than in the years before the extension, which was one of the best results in Europe. According to the summary presented on behalf of the team, the extension of the trading session could but did not have to be an important driver of growth because other major factors occurred simultaneously such as large IPOs, growing activity of market makers, international promotion of the market and, first and foremost, macroeconomic factors.
Furthermore, the WSE has commissioned an analysis from an international consultancy which specialises in capital markets and trading platforms. The WSE will receive the results of the study by 15 March 2013. A decision concerning the trading session schedule will be made in the latter half of March, following the distribution of the complete set of analyses to the representatives of the capital market community.
The conference also presented a preliminary concept of evening trading organised by the WSE. Analytical work in this area will continue and covers among others market research, the scope of traded instruments and the organisational formula of trading.
The appointment of the working group for the trading session schedule and launch of evening trading was agreed at the meeting of WSE and Exchange Member representatives on 10 January 2013. The objective of the working group has been to draft and develop an analytical material on the trading session schedule on the Warsaw trading floor. Following an open invitation addressed by the WSE to brokerage houses via IDM and to the Association of Brokers and Investment Advisers (ZMiD) and the National Depository for Securities (KDPW), the working group is comprised of representatives of DB Securities, BESI, Erste Securities, DM Pekao SA, ZMiD, KDPW_CCP, KDPW and the WSE.
