In October 2010, when Poland’s state treasury launched an IPO of the Warsaw Stock Exchange, the bourse was riding high. Buoyed by a series of hugely successful privatizations and backstopped by the deep pockets of the country’s private pension funds, the WSE had become a favourite venue for international investors and had begun to attract listings from elsewhere in emerging Europe – indeed, it was widely tipped to become the dominant exchange in region, a position previously held by the Vienna Stock Exchange.
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| I think that very small markets are not able to substantially change their situation through any sort of links or linkages and for small ones, but with potential for growth, this is not a viable option either Ludwik Sobolewski |
Four years on, the picture is much less rosy.
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