Business operation of WSE associates

National Depository for Securities (KDPW) and KDPW_CCP

KDPW Group is responsible for clearing and for operation of the depository-settlement system which supports trade in financial instruments in Poland.


Main tasks performed by KDPW include:

  • keeping in deposit dematerialized securities and registration of financial instruments;
  • settlement of transactions in dematerialized securities and transactions in other financial instruments;
  • monitoring compliance of the issue size with the number of outstanding securities;
  • performing the issuers’ obligations towards securities holders, among others, intermediation between issuers and their shareholders or bondholders in the payment of dividend and interest and, on behalf of domestic and foreign issuers, among others, assimilation, exchange, conversion and split of the shares, exercise of the pre-emptive right, conversion of convertible bonds into shares;
  • management of the obligatory compensation system created with a view to guarantee money and securities entered in investment accounts if a brokerage house or bank performing brokerage activities is insolvent;
  • administration of the basic part of the Guarantee Fund referred to in the Act on Pension Funds; and
  • tasks related to the social security system, including handling transfer payments between open-ended pension funds as a result of a participant having changed the pension fund or the division of funds gathered by the participant.


In July 2011, under an agreement, KDPW transferred to its subsidiary KDPW_CCP all functions involving the clearing of transactions and the operation of a clearing liquidity system. The business of KDPW_CCP is to clear transactions concluded on the markets operated by WSE and BondSpot and to manage clearing risks of such transactions.

In its activity, KDPW_CCP uses a clearing risk management model based on SPAN® methodology, applied by the world’s leading clearing houses, which supports the calculation of margins and the assessment of risks under any market scenarios. KDPW_CCP is equipped with equity of PLN 100 million as a part of the clearing guarantee system.

WSE holds 33.33% of shares in KDPW’s share capital, which gives the right to exercise 33.33% of votes at the general meeting. Currently, the Company, the State Treasury and the National Bank of Poland each own one-third of the shares of KDPW.

INNEX Stock Exchange

INNEX was established in 1995. It is one of ten Ukrainian exchanges with a license issued by the Ukrainian Securities Commission for running a stock exchange. Innex organizes tenders where shares in privatized Ukrainian enterprises are sold.

WSE holds a stake of 1,499 shares in INNEX Stock Exchange with its registered office in Kyiv, Ukraine, representing 24.98% of its share capital and conferring upon the holder the right to exercise the same number of votes at the company’s general meeting.

Centrum Giełdowe

“Centrum Giełdowe” S.A. was established in 1995. The Company administers, manages and runs the Exchange Centre located at ul. Książęca 4 in Warsaw and leases premises located therein. The Company acts also as a substitute investor and manages real estate on commission from other entities.

WSE holds currently 46,506 shares in the company representing 24.79% of its share capital and is entitled the to exercise the same number of votes at the company’s general meeting. The other shareholders are Krajowy Depozyt Papierów Wartościowych S.A. (15.72% shares and voting rights) and Centrum Bankowo-Finansowe “Nowy Świat” S.A. (59.49% of shares and voting rights).