Exchange Broker/Trader
An exchange broker is responsible in particular for submission of broker’s orders to the exchange and for checking them 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.
According to § 92.3 of the Exchange Rules, any person who meets the following requirements is eligible to become an exchange broker:
- has been entered in the register of securities brokers with the Polish Financial Supervision Authority,
- has the necessary qualifications and experience, verified by the exchange member, as required to ensure effective and safe trading on the exchange,
- 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.