So, the Warsaw Stock Exchange won't be taken over by a larger global exchange – at least not this year. Deutsche Börse, the only of three shortlisted companies to make a binding offer for a majority stake, failed to submit an improved bid at the request of Poland, and thus the government's privatization plans have been scuppered, once again.

The privatization of state assets this year is problematic anyway. Though the government desperately needs the income to combat a growing budget deficit, it doesn't want to give up profitable companies for less than they are worth.

It may be that the government is learning a lesson from the hugely successful privatization of PGE late last month. Instead of trying to sell the huge electricity firm to a strategic investor, they floated it on the bourse.

Investors in the bourse – and regular Poles who were attracted to the bourse for the first time by the debut – understood what an important company PGE is, and how successful it can be. A strategic investor would have likely tried to push down the price, looking for a bargain and sensing the government's urgency. With PGE's debut, the Treasury got more than it had hoped for.

Thus, suggestions that the WSE be privatized on the exchange itself are good ones. The WSE is in a strong position in Central Europe – even throughout the whole continent. As its success continues and it gains prestige and profile, its value will rise. Those investing in the WSE already know this, and will likely pay a premium price for WSE stock.

Considering this state of affairs, the government would do well to consider privatizing other state-controlled giants this way – it already plans to sell 16 percent of Enea, which it failed to sell to strategic investor RWE earlier this year, on the bourse.

When the government needs to get the best price for its assets, and potential strategic investors worldwide looking for bargains, privatizing on the bourse may be the best option.