Warsaw Stock Exchange has come a long way says its CEO
The president of the Warsaw Stock Exchange (WSE) has praised the rapid progress the exchange has made since it opened for business on April 16, 1991.
Marek Dietl, the exchange's CEO, told PAP the WSE managed to join a group of developed markets in 2018, just 27 years after it had started its operation.
"Allow me to say something about the international context," said Dietl. "It took over 50 years for either Israel or (South) Korea to join a group of developed markets. And WSE managed to do this in 27 years since it joined the group in 2018," Dietl continued, adding that WSE had come a long way in a short time.
"And let us remember that our starting point was terrible, namely, raging inflation, a double-digit GDP drop in 1990, and a lack of both capital and private companies," the CEO said.
Referring to the current situation, Dietl said that WSE was seeking its place in new mega-trends.
"Companies no longer seek capital on stock exchanges, which are now seen rather as an opportunity to withdraw from an investment," he said. "Stock exchanges have come a long way - from a place where shares are being traded, to technological companies entering various areas of financial markets with refined services."
Dietl also said the WSE was still catching up.
"I believe that this year we will launch the first sale of a technological product from our stable," he said. "And that this will help us join the technological arms race," he added.
"We are trying to find ourselves in the mega-trends," he continued. "We plan further strong investments in technological products and new trading platforms, which will make it possible for us to trade in smaller companies. We plan to enter new areas, just like other stock exchanges do."
He admitted that due to the coronavirus pandemic all plans would take longer, but expressed hope that WSE would succeed.