Liquidity Support Programme

The Liquidity Support Programme is geared towards all Warsaw Stock Exchange Listed companies that are interested in improving their market activity and communication with investors. WSE believes that all operations within the programme will enforce new standard for public companies.

The implementation of Liquidity Support Programme and Code of Best Practice, as well as taking actions connected with investor education, will increase the quality of investor relations in a field of communication between the market and public companies. In response to progressive internationalization of the Warsaw Stock Exchange and investors' needs, a new web-based information service available at www.GPWInfoStrefa.pl was also launched. Established jointly with Polish Press Agency, GPWInfoStrefa is an economic newscast providing information on WSE listed companies, as well as on CEE Region markets. Another IT tool is WSEInternational information portal dedicated to strengthening Warsaw Stock Exchange brand among foreign investors. Mentioned initiatives will create favourable conditions for building market reputation and WSE international position.

In order to increase volume and improve the quality of trading in less-traded shares, an innovative programme was established by Warsaw Stock Exchange as a key support instrument for companies facing low liquidity.

The Liquidity Support Programme obliges Issuers to:
- enter into an agreement with Market Maker in accordance with general provisions determined by Warsaw Stock Exchange Rules,
- publish on a corporate website in a separate Investor Relations subsection all information required by Warsaw Stock Exchange,
- use an Investor Relations subsection on www.GPWInfoStrefa.pl web portal.

If an average quarter value of trading in particular company's shares is less than 25,000 PLN per session and an average quarter number of transaction is less than 10 per session, then (provided that an Issuer did not enter the programme) this company shall be classified to the Lower Liquidity Zone.

Each quarter (after the last trading session in March, June, September and December) shares of WSE listed companies shall be potentially classified to the Lower Liquidity Zone. The information on classification results shall be published as a communiqué on the day after the quarter liquidity verification at the latest.

Shares of Issuer classified to the Lower Liquidity Zone shall:
- be removed from exchange index portfolio,
- be listed in single-price auction system,
- be marked with appropriate designation in Warsaw Stock Exchange Bulletin.