The chief executive of the Warsaw Stock Exchange, Adam Maciejewski, would like the daily session on the bourse to be extended by half an hour to last between 9 am and 5:30 pm, business daily Parkiet reported, quoting a letter he sent to brokers.
Adam Maciejewski, CEO of the Warsaw Stock Exchange, wants the bourse to go back to the longer trading day it had until April this year
Courtesy of The Warsaw Stock Office
The move would be a return to the schedule abandoned in April this year. Since then, the bourse’s trading day has lasted from 9 am to 5 pm. But many other exchanges in Europe trade until 5:30 pm, when it is 11:30 am in the eastern United States, including New York.
The current schedule was supposed to apply until the end of 2013, and then management was due to revisit the decision. But Mr Maciejewski has apparently already made up his mind that the bourse should return to the old timetable.
“I’ve been observing trade on the WSE as well as on other European and US exchanges. I’m particularly interested in the closing moments of the session and I feel bad that we’re ending our trade earlier than others,” the newspaper quoted Mr Maciejewski as saying in the letter.
“I feel like we’re losing business,” he added, saying he feels “authentic grief” that the WSE is ending its daily business a half hour earlier than other bourses.
WSE management claims that lengthening the trading day again would attract more foreign investors who continue to trade on exchanges in Europe and the US after the WSE shuts down for the day.
But Mr Maciejewski will have hard time convincing Polish brokers, many of whom have even suggested shortening the session further, so that trade would end by 4:30 pm. WSE management has said it opposes that move, fearing it would reducing trade volume excessively and make the Warsaw market less attractive for foreign investors.
“The present hours are optimal. I see no reason why we should trade until 5:30 pm again,” one broker told the daily.
Brokerage houses oppose the proposed change, claiming the move would generate greater costs for them while bringing insufficient profits in return, arguing that if someone wants to trade shares, it can easily be done before 5 pm.
The WSE is to prepare a report of its own and then start talks with brokerage houses. A decision on the schedule is expected no later than four weeks before the close of 2013.
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