DELISTING OF WIG20 FUTURES WITH A MULTIPLIER OF PLN 10
According to the decision of the WSE Management Board, only WIG20 futures with a multiplier of PLN 20 are in trading on the exchange since 23 June 2014. The main goal of the decision was to reduce transaction costs of futures to make them more attractive to investors, and to build liquidity of the futures market. The Company expected that the volume of trading in WIG20 futures could decrease in the early period after the migration.
CHANGES ON THE WSE MANAGEMENT BOARD
In June 2014, the General Meeting of WSE appointed Paweł Tamborski as President of the WSE Management Board. In July 2014, other members of the WSE Management Board were appointed for a new term of office including:
- Dariusz Kułakowski as Vice-President of the WSE Management Board,
- Karol Półtorak as Vice-President of the WSE Management Board,
- Mirosław Szczepański as Vice-President of the WSE Management Board,
- Grzegorz Zawada as Vice-President of the WSE Management Board.
The newly appointed Management Board members in the latter half of the year made decisions to update the Company’s strategy for 2014-2020, to implement a savings programme, and to amend WSE’s dividend policy.
DECISION TO SUSPEND NEGOTIATIONS ON CAPITAL CO-OPERATION WITH CEESEG
On 23 September 2014, the WSE Management Board announced that it is not considering a capital alliance with CEE Stock Exchange Group AG at this time. The objective of WSE is organic growth, including strengthening of the international position of the Exchange, making it more attractive to all market participants, and building WSE shareholder value.
PUBLICATION OF THE UPDATED WSE GROUP STRATEGY WSE.2020
On 30 October 2014, WSE published the updated strategy of the WSE Group. The updated strategy sets the directions and priorities of the WSE Group’s development until 2020. Amendment of the Company’s dividend policy is part of the strategy. The publication of the Company’s updated strategy and WSE’s new dividend policy impacted WSE’s share price on the date of publication of the Company’s Q3 2014 results (30 October 2014). Detailed information on the updated strategy and the new dividend policy is presented in Sections II.1 and I.4.
LAUNCH OF THE EXCHANGE INFORMATION PLATFORM
In February 2014, PolPX publicly launched the Exchange Information Platform. The website was developed in co-operation with representatives of the power sector in response to requests of the President of the Energy Regulatory Office. The website provides market participants with statistics of the current and projected status of Poland’s power system including demand for energy and potential coverage of the demand. Other published statistics include available production capacities and wind generation data.
The Exchange Information Platform includes a module supporting the publication of inside information according to the requirement under Article 4.1 of Regulation No 1227/2011 (REMIT): the Essential Transaction Information system. ACER declared the Exchange Information Platform to be a transparency platform, one of seven such platforms in the European Union. The Exchange Information Platform in co-operation with the Entrepreneurship Development Agency publishes coal market price indices.
In 2014, PolPX worked to develop and implement a reporting mechanism of transactions on the wholesale energy market in compliance with Article 8 of REMIT. PolPX participated in an ACER pilot project to develop a European platform ARIS.
These efforts and the development of trade reporting tools are necessary to get the status of Registered Reporting Mechanism (RRM). Registration as RRM is required to report trade on behalf of and for market participants as a commercial service.
Work is underway to develop an Exchange Information Platform website for the gas market.