EBRD – Ministry of Finance, Poland

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Feb 2017 – ongoing

Designed a Polish Capital Markets Development Strategy (2019 – 2023) which enables the capital markets to achieve some key development goals:

  • becoming a major engine of economic development and an innovation catalyst for the economy;
  • (re)gaining the leading status in Central, Eastern and South-Eastern Europe;
  • attracting (increasing the activity of) the leading Polish companies;
  • expanding WSE’s trade and post-trade services across other regional stock exchanges;
  • increasing the role of debt capital markets and corporate debt financing;
  • enhancing the role of competitive financial intermediaries in the development of the Polish capital market;
  • developing trade services for professional markets in the areas of fixed income, money market, interest rates derivatives and foreign exchange instruments.

The project has resulted in the design of around 100 strategic, business, IT, legal, regulatory, 20 tax incentives, HR, M&A and other crucial initiatives which will make the Polish capital markets even more successful. It is expected that the implementation of the strategy will enable Poland to finance its entry into the Fourth Industrial Revolution, increasing the access to finance for innovative companies, substantially improving savings rates for Polish citizens, while lowering the cost of capital and liquidity of the markets. An example of the innovation BTA has created can be seen in the proposals for the specific developments to the Government bond markets,

Defined a revised market structure to create a more systemically robust Government securities market which can also compete against EU/London based markets which are acquiring large market share in Polish Government bonds, repos and derivatives.

  • Some very cleverly designed improvements to the Banking Taxes (to enhance trading liquidity and efficiency )
  • Implementing a best execution regime, implementing a pre- and post-trade transparency regime to achieve higher levels of investor protection
  • Improved technology that can equal outperform price and volume discovery standards of the OTC market.
  • Modifications to the primary market auction model to create a greater balance between open market operations and buy/sell side trading
  • Improvements to the Primary Dealer competition rules to include better qualitative and quantitative criteria
  • Changes to the market structure to enhance systemic safety including better trading features, the use of a CCP to achieve multi-lateral netting, and novation with settlement finality
  • Use of a single of international standards documentation based on GMRA for repos
  • Design of mobile based savings products directed at the Polish citizens and the Polish diaspora.