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Liquidity Support Programme
LIQUIDITY SUPPORT PROGRAMME
In order to increase volume and improve the quality of trading in less-traded shares, the Liquidity Support Programme was established by the Warsaw Stock Exchange in 2008 as a key support instrument for companies facing low liquidity.
The Liquidity Support Programme obliges Issuers to:
- ensure the existence of a valid obligation of an exchange member–market maker to perform the functions of market maker for the shares of the issuer on the terms defined by the Exchange;
- create and maintain an investor relations section on the corporate website and to publish information in this section in line with the scope and structure determined by the Model Investor Relations Web Service available at: http://naszmodel.gpw.pl
In view of the objectives to be implemented by the companies under the Liquidity Support Programme, such as improving the liquidity of shares and quality of the communication with investors, this Programme is recommended to all companies whose shares are traded on the WSE Main Market. Thus, the WSE hopes that the measures undertaken within the Liquidity Support Programme will become a standard for companies operating on the public market.
All companies listed on the stock market will benefit from the incentive mechanism contained in the Liquidity Support Programme. Its implementation, in conjunction with other activities of the WSE, such as identifying areas and trends of the Best Practices Best Practices of WSE Listed Companies, creation of information tools and activities related to investor education, will improve the quality of investor relations and communication of companies with the market, and thus strengthen the reputation of the WSE market and its international position.
LOWER LIQUIDITY SPACE
What is low liquidity?
According to the criteria determined by the Warsaw Stock Exchange, a low liquidity level shall be understood as a situation where, in the last three calendar months before the date of periodic verification of liquidity (including the month of the periodic verification but excluding the last three trading days of that month), the average number of transactions is not more than 10 transactions per session and the average value of transactions is not more than PLN 25,000 per session. The number and the value of session transactions and block trades in the shares of the company shall be included in the calculation of the average. Information about the current liquidity ratio is available for Issuers (after logging in) in the web service: 4BrokerNet (https://4brokernet.gpw.pl).
When does the Exchange qualify to the Lower Liquidity Space?
Two trading days before the last trading day in March, June, September, and December each year, the Exchange shall perform periodic verification of liquidity of shares of companies listed on the exchange and classification unless the issuer joined the Liquidity Support Programme or the issuer’s shares are no longer classified in the Lower Liquidity Space. Information about classification or discontinuation of classification of a company’s shares in the Lower Liquidity Space and about the issuer joining the Liquidity Support Programme shall be published in a communiqué not later than on the trading day following the date of periodic verification of liquidity (http://www.gpw.pl/komunikaty).
What are the consequences of qualifying the shares to the Lower Liquidity Space?
If an issuer’s shares are classified in the Lower Liquidity Space:
- the shares of the issuer shall be removed from the index portfolio;
- the shares of the issuer shall be moved to the single-price auction system;
- the name of the shares of the issuer shall be marked with a specific designation in the Exchange information services and WSE Daily Bulletin (Ceduła);
- the shares of the issuer shall be removed from the list of securities available for short selling orders.
May the issuer whose shares have been classified in the Lower Liquidity Space join the Liquidity Support Programme?
Yes. Issuers whose shares have been classified in the Lower Liquidity, after fulfilling the criteria of the Liquidity Support Programme, may join it at any time. The exception here are the Issuers whose shares have been classified in the Lower Liquidity due to non-performance or improper performance of responsibilities under the Liquidity Support Programme. In this case, such Issuers may re-join the Liquidity Support Programme not earlier than on the lapse of three months after the date the shares were classified in the Lower Liquidity Space.
- The Warsaw Stock Exchange Articles of Association
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- Rules of the General Meeting of the Warsaw Stock Exchange
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