Warsaw

Warsaw (Polish: Warszawa [varˈʂava]; see also other names) is the capital and largest city of Poland. It stands on the Vistula River in east-central Poland, roughly 260 kilometres (160 mi) from the Baltic Sea and 300 kilometres (190 mi) from the Carpathian Mountains. Its population is estimated at 1.740 million residents within a greater metropolitan area of 2.666 million residents, which makes Warsaw the 9th most-populous capital city in the European Union. The city limits cover 516.9 square kilometres (199.6 sq mi), while the metropolitan area covers 6,100.43 square kilometres (2,355.39 sq mi).

In 2012 the Economist Intelligence Unit ranked Warsaw as the 32nd most liveable city in the world. It was also ranked as one of the most liveable cities in Central Europe. Today Warsaw is considered an "Alpha–" global city, a major international tourist destination and a significant cultural, political and economic hub. Warsaw's economy, by a wide variety of industries, is characterised by FMCG manufacturing, metal processing, steel and electronic manufacturing and food processing. The city is a significant centre of research and development, BPO, ITO, as well as of the Polish media industry. The Warsaw Stock Exchange is one of the largest and most important in Central and Eastern Europe.Frontex, the European Union agency for external border security, has its headquarters in Warsaw. It has been said that Warsaw, together with Frankfurt, London, Paris and Barcelona is one of the cities with the highest number of skyscrapers in Europe. Warsaw has also been called "Eastern Europe’s chic cultural capital with thriving art and club scenes and serious restaurants".

Stock exchange

A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks (also called shares), bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets, with buyers and sellers consummating transactions at a central location, such as the floor of the exchange.

To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets use electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is restricted to brokers who are members of the exchange. In recent years, various other trading venues, such as electronic communication networks, alternative trading systems and "dark pools" have taken much of the trading activity away from traditional stock exchanges.

Warsaw Stock Exchange

The Warsaw Stock Exchange (WSE), Polish: Giełda Papierów Wartościowych w Warszawie, is a stock exchange located in Warsaw, Poland. It has a capitalization of PLN 1 123 bln (283 bln USD; as of Dec 4, 2015).

The WSE is a member of the World Federation of Exchanges and the Federation of European Securities Exchanges. On 17 December 2013, the WSE also joined the United Nation's Sustainable Stock Exchanges (SSE) initiative.

History

Kingdom of Poland

Warsaw became the capital and financial center of Poland in the early 17th century. In the Middle Ages other Polish towns, most of them members of the Hanse, were the leading economic centers of Poland. Merchants from western and southern Europe settled in Poland since the beginning of Polish statehood. They brought the system of organized exchange trading in securities, mostly bills and currencies, to Poland. The oldest Polish bill was issued in 1243 by the Cuyavien bishop Sambor. The main centers of securities tradings were at the lower Vistula, in the 14th century occupied by the Teutonic Knights. The first marcantile exchanges emerged in Gdańsk (1379), Toruń (1385), Malbork (14th century), Kraków (1405), Poznań (1429), Zamość (1590), Królewiec (1613) and Elbląg (1744). Mediaeval mercantile exchanges might have also existed for a short period in Chełmno, Grudziądz and Braniewo.