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Giełda Papierów Wartościowych w Warszawie S.A.

GPW

WSE was created as a joint-stock company on April 12, 1991 by the State Treasury pursuant to the Foundation Act for Giełda Papierów Wartościowych w Warszawie SA (The Warsaw Stock Exchange Company).

Lobbying Activity

Meeting with Tatyana Panova (Head of Unit Financial Stability, Financial Services and Capital Markets Union) and Euronext and

16 May 2025 · Exchange with trading venues on the integration of EU capital market

Meeting with Maria Luís Albuquerque (Commissioner) and

6 Mar 2025 · • Savings & Investments Union • Polish capital market highlights

Meeting with Mairead McGuinness (Commissioner) and

22 Jun 2023 · Digital Finance

Meeting with Danuta Maria Hübner (Member of the European Parliament, Rapporteur)

10 May 2022 · MiFIR Review

Response to Review of the regulatory framework for investment firms and market operators (MiFIR 2.1)

22 Mar 2022

Warsaw Stock Exchange (WSE) appreciates the opportunity to give feedback on the review of the MiFID II/MiFIR framework. WSE shares the objectives of the MiFIR review proposal to increase transparency and liquidity within the EU, to enhance the level-playing field between execution venues, and to foster the competitiveness of capital markets. Exchanges, as an integral part of financial markets, strongly support the Capital Markets Union objectives by enabling issuers to raise funds, providing a central market matching supply and demand for listed instruments and delivering fair and transparent price formation. WSE supports the creation of a reliable consolidated view of trading in Europe in the form of a consolidated tape (CT). The EU trading landscape is highly fragmented, and it is important that investors are able to get a full overview of the market and know where their orders are executed. However, strong and ambitious reforms to market structure are a pre-requisite for increasing transparency of European capital markets and the introduction of a CT in itself will not address these issues. WSE believes that a 15-minutes delayed CT covering all venues and execution mechanisms would provide a true consolidated view of the market, represent a cost-effective and simple solution, without latency and arbitrage issues, and meet the needs of most market participants. Importantly, this model could allow for a staggered approach towards shortening its delay in the future once the CT has proven its value. There is a big risk that a real-time CT will deprive regulated markets of an important revenue source, seriously affecting their continued ability to run and maintain a full suite of operations that ensures the proper functioning of markets. Market data is one of the key products of an exchange. Revenues from data sales are essential, particularly for small and mid-sized European exchanges and are at the basis of their economic existence. As outlined in the introduction, we consider that a 15-minutes delayed CT would represent the most efficient solution for trading data consolidation in the EU. Consequently, we propose amending Recital 20 and Articles 1(10), 1(15), and 1(16) to establish a 15-minutes delayed post-trade CT. Alongside this, we propose to remove the reference to the best bid and offer in the definition of core market data under Article 1(2) thus altering the definition of core market data to cover only post-trade data. A 15-minutes post-trade CT option is the most pragmatic approach to delivering a CT meeting the goals of investors, at the least disruption to the industry. Furthermore, this CT would draw on the current requirement of data providers to make available data free of charge 15 minutes after publication and remove entirely the complex issue of distribution models. Particularly, the question as to the scope of revenues that should receive compensation as there would be no need to redistribute revenue to its contributors. However, if a revenue-sharing model is developed in the context of a real-time post-trade CT, it should be better defined and compensate the provision of price formation and liquidity, recognising the role of regulated markets in providing both listing and trading, especially for smaller issuers. Finally, in order to ensure a level playing field as well as fair competition, we believe it is necessary to have an in-depth assessment of the potential uses of the CT for data redistribution and value-added services. As part of this, particular attention should be paid to the extent to which the potential uses correspond to the overall objectives that the CT is intended to facilitate and, in fine, the appropriate treatment of these uses in a CT setup. WSE provides an additional document to this feedback statement to explain the points highlighted above.
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