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Market Passport

Poland

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Market information

Supporting you

Key market information

  • Local currency

    Polish
    Zloty (PLN)

  • 2017 GDP

    USD
    525bn

  • Time zone

    GMT
    +1 hour

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    WIG 20

Key market figures

Market capitalisation USD 161bn
Number of listed companies 472
2017 value of share trading USD 63bn
Number of ETFs listed 3
2017 value of bonds trading USD 143bn
Number of bonds listed 246 – regulated market
448 – ASO (Catalyst)
Number of futures and options contracts traded in 2017 7.6m

Local market infrastructures

Equities Corporate bonds Government bonds
Trading WSE WSE/Catalyst WSE/BondSpot
Clearing KDPW_CCP KDPW_CCP KDPW_CCP
Settlement and custody KDPW KDPW KDPW
Cash leg NBP NBP NBP

Local market authorities and regulators

The Polish Financial Supervision Authority (KNF) is the sole market regulator. It supervises and monitors the performance of securities companies, insurance companies, the Warsaw Stock Exchange, the National Depository for Securities (KDPW), investment funds, pension funds, banks, financial and clearing institutions.

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
WSE trades (equities, bonds) T+2
Debt Securities T+2
Cash T+0
Cut-off times
WSE trades (equities, bonds) 3.30pm
Debt Securities 3.30pm
Cash 4.00pm
Omnibus account/securities Yes
Omnibus account/cash No
Pre-matching Yes
Irrevocable pre-matching No
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits No
Tolerance limits

PLN 8 for transactions up to PLN 400,000.

PLN 100 for transaction above PLN 400,000.

In practice, not all providers can manage the CSD tolerance limit. BNP Paribas systems can manage it: we usually offer a PLN 100 (EUR 25) fixed limit for transaction value discrepancy to our clients.

Examples of market penalties

Settlement suspension penalty: 0.2% per day of the value of the transaction (not less than PLN 500 and not more than PLN 10,000).

Buy-in practice

On settlement date (SD)+4, KDPW_CCP has the right to buy-in securities on participants’ behalf using collateral deposits placed by the clearing member. If the buy-in of shares for delivery is not possible, the buyer will be paid an amount based on the value of the shares to be delivered on settlement date and the cost of incurred losses. The failing seller will reimburse all costs, including PLN 1,000 charged by KDPW_CCP for initiating the procedure.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Poland

BNP Paribas continues to grow in Poland, while other players are scaling down their presence. After our latest acquisitions, the BNP Paribas Group is one of the top six banking groups in Poland.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Full and directional netting: we settle, gross or net, our clients’ executions, allowing them to benefit from the lowest possible CSD and CCP fees (respectively KDPW and KDWP_CCP)
  • Issuing, paying and settlement agent services
  • Depobank for local asset managers and fund dealing services
  • Corporate trust services for issuers

What makes us different

  • Reduced timeframe of tax reclaim procedure (from 4 months to 5 weeks) through streamlined connectivity with the local tax authorities
  • Active participation in local regulatory committees and advocacy on clients’ behalf
  • At the forefront of any market changes: we were the first with omnibus accounts, auto pre-matching service and the full netting offer

Selected market recognition

  • Global Custodian Agent Banks in Emerging Markets Survey (2017): Global, Market and Category Outperformer
  • Global Investor Investment Excellence Awards (2018): Sub-Custody Survey Winner Multi-market EMEA for Poland – unweighted
  • Award from KDPW, the Polish CSD, for providing netting in accordance with the best market practice (2016)

A sound partner

The BNP Paribas Group is a major player in Poland, with nine entities including retail banking, leasing, real estate and insurance. The BNP Paribas Securities Services branch in Poland, has been operating in the Polish market since 2008 and employs more than 900 securities services specialists.

Contact

For more information, please contact your relationship manager or
Andrzej Szadkowski, Head of Location
andrzej.szadkowski@bnpparibas.com

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