A SUPPLEMENT TO EUROMONEYPrimary marketFrom the beginning of Poland's economic transformation a great importance has been attached to reconstructing the capital market. The most important development was the passage of the Act on Public Trading in Securities and Trust Funds on March 22, 1991. The Act created a structure for securities market based on four principles: 1. Paperless system All securities admitted to public trading are kept in book entry form in the National Depository of Securities (NDS). This means that trading is dematerialized. The NDS is in charge of managing the Guarantee Fund, based on the participants' contributions, for insurance against the civil liability for concluded transaction. 2. Centralised system The Warsaw Stock Exchange concentrates all supply and demand for securities admitted to stock exchange trading for the purpose of common quotation. 3. Access to information All public companies are obliged to publish detailed reports on their activities. The stock exchange shall ensure the dissemination of information allowing for the evaluation of the current value of the securities admitted to stock exchange trading. 4. Listing of securities All equities are traded in the "par casier" system. |