Exchange Markets

Trading takes place on two markets, governed by separate sets of rules:

• Main (regulated official) market;
  Principal listing requirements:
  • securities have been admitted to public trading
  • their transferability is not restricted
  • all issued securities of a given type have been covered by a listing application
  • the product of the number and the projected market price of the shares covered by the application (and in case the price cannot be determined the issuer equity) amounts to at least Euro 1,000,000
  • dispersion of shares
  • financial statements for the last 3 years
• Parallel (regulated unofficial)market.
  Principal listing requirements:
  • they have been admitted to public trading or PSEC has issued permission
  • for their trading on the regulated market
  • their transferability is not restricted
  • the issuer is not a subject to bankruptcy or liquidation proceedings.

This classification corresponds with the regulations in force in the European Union, and became effective as of May 1,2004, when Poland joined the EU.

Within the main market a so-called Plus segment has been created. The conditions for inclusion of companies in this segment include not only measurable requirements, but also certain qualitative features, such as the adoption of all corporate governance best practices and the raising of standards in the area of investor relations and communication.

Within the parallel market the so-called Prim segment has been established.The requirements for membership of the Prim segment include suitable issuer-investor communication standards as well as the obligation to publish a wider range of financial data in the form of consolidated quarterly reports.

(Source: WSE)