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2003 | nr 5 | 51--55
Tytuł artykułu

Procesy konsolidacji giełd w Europie z perspektywy Giełdy Papierów Wartościowych w Warszawie

Warianty tytułu
The Stock Exchange Consolidation Process in Europe Viewed from the Perspective of the Warsaw Stock Exchange
Języki publikacji
Omówiono procesy demutualizacji i upublicznienia giełd na świecie, alianse i porozumienia między giełdami, konsolidację na rynkach europejskich z perspektywy średnich i małych giełd. Przedstawiono sytuację Giełdy Papierów Wartościowych w Warszawie wobec tendencji konsolidacyjnych w Europie.
Transformation of global stock exchange markets means that the traditional stock exchange model is a thing of the past. The key factors which affect transformation of stock exchange operation include:

- growing competition between different stock exchanges, which forces price reductions,

- technological progress, which means that the traditional exchange floor is losing its importance whilst the stock market is becoming more accessible,

- progress in European integration, including the introduction of the euro and the introduction of uniform EU regulations to capital markets,

- relatively declining involvement in small markets and companies on the part of investors.
The main stream of changes going through the leading European exchanges is defined by the alliances and agreements concluded among the exchanges as well as by the transformation of their ownership structure (the so-called demutualisation), including the public offering of their shares.
The traditional mutualised model of exchange ownership is the starting point for ownership changes. De- mutualisation means that the circle of exchange owners is extended by entities which are not members of the stock exchange Additional opportunities for raising external capital are created and the organisation will evolve towards a for- profit profile. The main factors leading exchanges towards selling their shares as public offers include: the increasing globalisation of financial markets, growing competition among exchanges and their growing financial needs. Many European and Asian exchanges and the Australian exchange have transformed their ownership structures to demutualise them, while the American exchanges did not take a leading position in the demutualisation process.
So far, Euronext - a joint project of the exchanges in Paris, Amsterdam, Brussels and Lisbon and the London derivatives stock exchange LIFFE - should be seen as an example of a successfully formed stock exchange alliance of considerable size in Europe. Moreover, the integration of the capital markets has also its "vertical" dimension. Exchanges, clearing-houses and deposit institutions are involved in this process. At present, the solution servicing Deutsche Boerse market is the most complete example of vertical integration on the European market. The issues connected with surviving when threatened by marginalisation is of key importance for small and medium exchanges. The situation in this group of exchanges varies, primarily in terms of their size and potential for development.
The model directions of consolidation-related activities of the CEE exchanges include:

- the path of independent operation of the national exchange - the establishment of a common platform for the exchanges in the region,

- individual decisions made by specific exchanges on selecting strategic partners among the leading European exchanges,

- all the exchanges from the CEE region joining one main European floor.
Contrary to other exchanges in the region, the WSE is not under any time-pressure as far as the decision about entering an alliance with a strategic partner is concerned. The reason for this is the significantly larger potential of the Polish economy and capital market, the existing economic potential in the field of privatisation, the forecast improvement in the economic situation and the possible growth effect after Poland enters the European Union. (original abstract)
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