Warsaw Stock Exchange (WSE)

What it is

The Warsaw Stock Exchange (WSE) is Poland’s main securities market and the largest stock exchange in Central and Eastern Europe. It operates financial and commodities markets that facilitate trading in equities, bonds, derivatives, and energy-related contracts, and it also handles clearing and settlement services.

Key facts

• Founded as a modern, electronic exchange in 1991 (with capital-market roots in Warsaw dating to 1817).
• Began trading on April 16, 1991; five formerly state-owned companies were initial listings.
• As of April 2021, about 432 companies were listed on the main and parallel markets, representing roughly 1.1 trillion PLN in market capitalization.
• The exchange operates both a financial market (equities, bonds, derivatives) and a commodities market (spot and forward contracts for electricity and natural gas, plus carbon emission allowances).
• Commodities trading contributes roughly 40% of group revenue.
• Mission: provide competitive exchange and clearing services, support economic growth, and maintain high standards and safety of trading.

History and structure

Capital markets in Warsaw trace back to the Warsaw Mercantile Exchange (1817). After the end of communist rule, the state treasury established the WSE in 1991 as a joint-stock company with fully electronic trading and dematerialized registration of securities. Since then, the WSE has grown into a regional hub for listings, trading, and post-trade services.

Markets and products

• Equities — primary and parallel market listings for Polish and international issuers.
• Fixed income — corporate and government bonds.
• Derivatives — futures and options on indices, equities, and other underlyings.
• Commodities and energy — spot and forward electricity and natural gas contracts, and carbon emission allowances.

Trading hours

The exchange operates Monday through Friday:
* Derivatives trading opens at 8:45 a.m.
Most equity sessions run from 9:00 a.m. to 4:50 p.m.
Other investment products typically start trading at 9:05 a.m.

(Exact session schedules may vary by instrument.)

Corporate responsibility — RESPECT Index

The WSE launched the RESPECT Index in 2009, the first regional index of socially responsible businesses in Central and Eastern Europe. It includes Main Market-listed companies that meet high standards in corporate governance, disclosure, and environmental and social practices. Companies are screened through a multi-step review and audited by a project partner.

Significance and outlook

As the largest exchange in the region, the WSE plays a central role in channeling investment into Central and Eastern Europe. Continued regional economic growth and increased investor interest are widely expected to benefit the exchange and its listed companies.