Important capital market institutions
Polish Financial Supervision Authority
The Polish Financial Supervision Authority supervises the capital market, insurance and pensions as well as, in supplementary capacity, the financial conglomerates comprising of supervised entities. The purpose of financial market supervision is to ensure the proper functioning of this market, its stability, security and transparency, trust in the financial market, as well as protecting the interests of market participants. From January 1, 2008, financial supervision exercised by the Polish Financial Supervision Authority will also include banking supervision and supervision of electronic money institutions currently exercised by the Polish Banking Supervision Authority. The PFSA is supervised by the Prime Minister.
Warsaw Stock Exchange S.A.
The task of the WSE is to organize trading in financial instruments. The exchange ensures that buyer and seller offers are gathered in one place and time in order to set the exchange course and execute transactions. The trading system on the Warsaw Stock Exchange is characterized by the fact that the rates of individual financial instruments are set based on buyer and seller orders, hence it is called an order-driven market. This means that in order to determine the price of an instrument, a list of orders containing purchase and sale orders is prepared. The matching of these orders is carried out according to strictly defined rules, while the transaction is carried out during trading sessions. To improve the liquidity of listed instruments, exchange members or other financial institutions may act as a market maker, submitting (based on an appropriate agreement with the Exchange) orders to buy or sell a given instrument on their own account. The subject of trade on the Stock Exchange are securities: shares, bonds, subscription rights, rights to shares, investment certificates and derivatives: futures, options, index units. Stock exchange sessions take place from Monday to Friday from 8.35 to 17.35
NewConnect is a market organized and operated by the Warsaw Stock Exchange, operating as an alternative trading system. It is a market intended primarily for young, dynamically developing companies operating in the area of new technologies: IT, electronic media, biotechnolgy, alternative energy, etc. The subject of trade on NewConnect may be shares, rights to shares (PDAs), subscription rights, deposit receipts and other equity securities.