EXCHANGE BROKER

An exchange member is obliged to appoint persons authorised to submit to the exchange, modify and cancel broker’s orders on the exchange member’s behalf. Those persons are exchange brokers.

Functions of an exchange broker
An exchange broker is responsible in particular for submission of broker’s orders to the exchange in accordance with regulations governing the exchange.
Submission of an order is understood in particular as verification and authorisation of the order in accordance with internal regulations of the exchange member in a mode enabling the exchange member to assign the order to an exchange broker.

Conditions necessary for obtaining the status of an exchange broker
According to § 92.3 of the Exchange Rules, any person who meets the following requirements is eligible to become an exchange broker:

1. has been entered in the register of securities brokers with the Polish Financial Supervision Authority,
2. can evidence, as required by the Exchange, its knowledge of the regulations governing the exchange and practical skills necessary to perform the functions of an exchange broker,
3. is an employee or officer of an exchange member.

The condition set out in point 1 does not apply to exchange brokers who have been appointed by exchange members being foreign investment firms that operate on the exchange without the need to establish a branch in Poland, or have been appointed by other exchange members, if the responsibilities of the exchange broker do not include submitting, modifying or cancelling broker’s orders on a client’s account.

Admission of a representative of an exchange member to operate as an exchange broker
Admission of a representative of an exchange member to operate on the exchange as an exchange broker takes place by the exchange member appointing the representative of the exchange member to perform these functions.