Polish bourse preparing to launch trade in shares of global firms
The Warsaw Stock Exchange (WSE) will likely be ready to open its new Global Connect market, which will offer blue chip shares from around the world, in the Q4 this year, a WSE board member has said.
Izabela Olszewska told an online press conference on Friday that investors were particularly interested in the biggest Western European and US companies.
"It seems that we can start with Western Europe, which has been agreed upon with our potential market maker, and then add US companies," Olszewska said.
"The number of shares will gradually increase and we would like to have about 100 companies during the first stage of development, Olszewska added.
Similar markets operate in Vienna, Frankfurt and Moscow, she explained.
"In Vienna, they now have several hundred companies, about 700. That market has been developing since 2017 and its monthly turnover exceeds PLN 1 billion (EUR 218 million)," Olszewska said, expressing hope that Warsaw would be able to achieve similar if not better results.
Olszewska also said that there were two external factors that could still affect the Global Connect launch date, including ongoing talks with the domestic regulator, the Polish Financial Supervision Authority, and the selection of the market maker.
The new initiative will allow Polish investors to purchase stocks in big global companies in the domestic currency and avoid high commission fees charged by Polish brokers for buying and selling shares on foreign markets.