Warsaw Stock Exchange and Treasury Bondspot

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Jan – June 2018 – Strategy

The Warsaw Stock Exchange Group which includes the Treasury Bondspot Government securities market, KDPW CCP and CSD, and the TGE/IRGIT energy and commodity markets.

In the Government Securities and Fixed Income market segments, undertook the following strategic analysis:

  1. Undertook a fee remodelling exercise to improve the effectiveness of and liquidity on the TBSP Bondspot Govt securities market
  2. Reviewed the market micro-structure of Government Bonds, Bills and Repos to improve market share and narrow spreads against the OTC Voice Broker markets. Identified market micro-structure and technology changes required (functions, order types, best execution, more competitive quote types etc)
  3. Reviewed the Primary Dealer competition rules to define how to improve spreads and volumes such that TBSP would become a more systemically reliable Government securities market
  4. Reviewed the taxation structure of the market, and benchmarked the structure against other markets to define proposals that will improve market efficiency and not interfere with the yield curve
  5. Identified how to recover the OTC derivative market back to Poland from the UK. Identified some innovative technology strategies to achieve the goals.

Proposed improvements to the CCP and CSD structure to enhance systemic safety and investor protection e.g. CCP participation in the Intra-day Liquidity Facility (ILF), settlement finality legislation and name on register structures.