The Warsaw Stock Exchange Compared to Other European Stock Exchanges

Abstract

Goal – The purpose of the article is to analyse the position of the Warsaw Stock Exchange in relation to the market position of other European stock exchanges. Research methodology – The verification hypothesis was formulated as a statement that the Warsaw Stock Exchange is the capital center of Central and Eastern Europe. The basis of the study was secondary data published in the reports of both the Warsaw Stock Exchange and the Federation of European Securities Exchanges (FESE). The comparative analysis of European stock exchanges covered the years 2014–2018. Score/results – The comparative analysis determining the position of the WSE compared to other European stock exchanges enabled a positive verification of the research hypothesis confirming that the Warsaw Stock Exchange is the capital center of Central and Eastern Europe. Originality/value – The analysis of the research results confirmed that the Stock Exchange is the capital center of Central and Eastern Europe. Nevertheless, the Warsaw Stock Exchange faces many challenges, including: the low value of public offers, low liquidity ratio, competing for both issuers and investors with other European stock exchanges, etc. This justifies conducting regular surveys verifying the position of the Warsaw Stock Exchange in relation to other global stock exchanges, especially the European ones, undertaking both spatial and temporal analysis.