Stock Exchanges

Sources: KPMG, the Warsaw Stock Exchange

This report from a survey conducted jointly by the Warsaw Stock Exchange and KPMG focuses on companies which made their debut at the Polish stock exchange in 2004-2006. The survey data show that issuers' expectations towards the WSE flotation were fulfilled in the vast majority of cases. Moreover, concerns associated with the debut proved unnecessary in 80% of cases.

Nowadays Poland's capital market has an established reputation among investors and financial institutions in Poland and abroad. The market infrastructure is typical of developed markets: all contemporary market institutions are in place and they rely on highly professional personnel; the existing legal regulations comply with EU standards, and quantitative ratios position the WSE among medium-sized European stock exchanges.

At present the Warsaw Stock Exchange can be described as an international market. For over 10 years more than a third of its equity turnover has been generated by foreign investors and many listed companies have considerable foreign shareholdings. The international profile of WSE gained another dimension three years ago when the first foreign company made its debut here. With more listings by foreign companies and the arrival of remote foreign members the WSE has reinforced its status of an international marketplace.

Destination – Warsaw Stock Exchange 1089 KB

Contents

• Foreword by President of WSE
• Introduction
• Methodology and results
• The WSE listing process
• Goals and drivers behind a public listing
• Issuers' concerns and reality
• Benefits and their realisation
• The future
• Summary