Börse Warschau

Auszug aus den Börsenusancen

Bitte beachten Sie, dass die angeführten Börsenusancen nur einen Auszug darstellen und sich ändern können. Die vollständigen Börsenusancen liegen direkt bei der Börse auf. Jegliche Haftung unsererseits im Zusammenhang mit den angeführten Börsenusancen ist ausgeschlossen.

Allgemeine Informationen
Börsenname Warschau Stock Exchange
Börsensitzung 09:00 Uhr bis 17:20 Uhr Ortszeit
Versammlungsart Parkettbörse (Präsenzbörse)
Börsenart Wertpapierbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung Polnische Zloty
Limitarten Betrag
Mögliche Limitzusätze -
Mögliche Gültigkeiten bis max. Jahresultimo
Valuta Schlusstag + 2 Werktage


An folgenden Tagen findet kein Börsenhandel statt. Bitte beachten Sie, dass sich manche Feiertage vom Datum her verschieben können.

Datum Feiertag
1. Jänner New Year's Day
21. April Easter Monday
1. Mai Labour Day
19. Juni Corpus Christi Day
15. August Assumption Day
11. November Independence Day
25. Dezember Christmas Day
26. Dezember Christmas Holiday

Bitte beachten Sie auch die Orderrichtlinien!

Gielda Papierow Wartosciowych w Continuous Trading: 10:00 am - 04:00 pm Mo-Fr
Warszawie SA Single Price Auction with two Auctions:
(Warsaw Stock Exchange) First Auction 11-11:15
ul. Ksiazeca 4 Second Auction 2:45-3:00
00-498 Warsaw, Poland Single Price Auction with on Auction:
Telephone: 48 22 628 32 32 11:00-11:15
Fax: 48 22 628 17 54 Futures 9:00-4:00

CETO (Over-the-Counter Market) 9:00am to 3:00pm

The trading, clearing, and settlement systems of the Warsaw Stock Exchange (WSE) are fully automated on a network computer system. The brokers update orders from their office terminals throughout the week. During trading sessions the Specialists use the Exchanges terminals to process the orders and establish the days price. The price of the securities is determined by brokerage houses before a session. This method of price fixing is similar to the German quotation system.

During trading sessions, a key role is played by brokerage houses operating on the Stock Exchange, acting as specialist is fixing the days price. After the opening of a session, the specialist broker receives a list of orders qualifying for the session, verifies them and proposes the price for a given security. The specialist is obliged to follow certain rules:
- maximize turnover of that security
- reach the smallest possible difference between demand & supply
- minimize the difference in price between that of the current session and the previous one. Prices are permitted to fluctuate 10% in either direction from the previous sessions prices.

After the fixing of the price by the specialist and approval by the chairman of the session, all transactions of a given security will be executed at that price. The list of quotations is formulated automatically during each trading session and it is transmitted to the electronic display board on the Stock Exchange floor and to information vendors.

Settlement takes place three trading days following the transaction (t+3) for stocks and the second day after the transactions (T+2) for bonds. The settlement of transactions is a two-way process. A transaction is settled by a broker and his client on an agreed date. The investor must hold a securities and money account with a broker and can dispose of his money and shares as soon as he settles the transaction with his broker. The settlement of securities is conduced by making appropriate changes in securities registers held by the National Depository and brokerage houses.

Common shares, subscription rights, and treasury bonds are traded on the Exchange. Common shares may be in bearer or registered form. When a company declares a rights issue, the subscription rights will be traded on the Exchange during the subscription period.

Any company seeking listening on the WSE must fist be admitted to public trading by the Polish Securities Commission. Once a company obtains approval from the Commission, the company applies to the WSE Supervisory Board for admission to trading on the WSE. Depending on his size and track record, a company can be traded in the Main, Parallel, or Free Market. The Main Market is aimed at listening larger more established companies while the Parallel Market is meant for small and medium sized companies. A company which does not meet listening requirements for either the Main or Parallel market can be traded on the Free Market provided it is admitted for public trading and presents letters of recommendation from two exchange members. To be listed on the Main Market the company must fulfil the following requirements:
- the transferability of this shares may not be restricted:
- the value of shares to be admitted is at least PLN 24 million and of other securities PLN 12 million.
- the book value of the company shares is at least PLN 65 million.
- the value of the companies share capital is at least PLN 7 million.
- the value of shares to be listed and help by shareholders is at least PLN 18.
- at least 500 shareholders hold the shares that are to be listed.
- the company has a pre-tax combined profits for the past 3 fiscal years of at least PLN 8 million, and has recognised a pre-tax profit for it´s last fiscal year.
- the company has publicly disclosed audited annual financial reports for the last 3 fiscal years.
- the company has disclosed all the information required by WSE regulations which enables investors to evaluate the company

Initial listing requirements are easier to meet for the parallel market:
-the transferability of share may not be restricted.
-the value of shares to be listed must be at least PLN 12 million an of all other securities PLN 6 million.
-the book value of the company is at least PLN 22 million.
-the value of share capital of the company is at least PLN 3 million.
-the value of the shares to be listed and help by shareholders is at least PLN 9 million.
-at least 300 shareholders hold the shares to be listed.
-the company has recognised a pre-tex profit for the past fiscal year.
-all information required by the WSE regulations and customary procedures has been disclosed that will enable investors to evaluate the company.

Upon approval for public trading, a company is obligated to file periodic reports of it´s financial condition on a monthly, quarterly, semi-annual, and annual basis. In addition the company must file a report with the Commission disclosing any event that could influence the price or value of the shares within 24 hours of the occurrence of such event or from obtaining knowledge thereof.

Brokerage commissions are not fixed by the Exchange. However, the standard rates for equities are 0,9% per USD 5000 transaction, 0,8% per USD 10,000 transaction and 6% per USD 50,000 transaction. For bonds, the commission rates are between one third to half as much.

Unless a double taxation treaty exists non-residents and Polish residents are subject to the same taxation provisions. Capital gains are not taxed. Dividends and interest are subject to a 20% withholding tax, unless reduced by relevant tax treaty provisions.

No restrictions are placed on foreign investors. Non-residents are free to repatriate profits made on the shares of listed companies and on Treasury bonds. Foreign brokerage firms are allowed to operate in Poland subject to the acquisition of a permit from the Securities Commission.

WIG, the main index of the WSE, is a total return type of index. The changes of prices of all the companies quoted on the main market are taken into account while calculating the WIG. The index is weighted by market value of each company so an influence of an individual company on the WIG´s value is proportional to it´s capitalization. WIRR index is the index of the Parallel market. The calculation of WIRR are based on the same method as for the WIG index.

The Warsaw Stock Exchange was re-opened on April 16, 1991, 52 years after its closure in 1939. Prior to 1939, Poland had 6 stock exchange, but 90% of trade was executed in the Warsaw Exchange, which had originally been founded in 1817. The WSE is a non-profit company and its sole purpose is to organize securities trading.