2014-07-30 18:46:18

Exchange fees (Resolution No. 842/2014)


Resolution No. 842/2014
of the Warsaw Stock Exchange Management Board
dated 24 July 2014

concerning amendment of Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 concerning reduction of the rates of certain exchange fees charged on the WSE Main Market


Pursuant to § 178 of the Exchange Rules, the Exchange Management Board resolves as follows:

§ 1


In § 7 of Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 the phrase "to 31 October 2014" shall be replaced by the phrase "to 31 October 2015".

§ 2


The Annex to Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 "Detailed Terms of Participation in the Promotional Reduction of Exchange Fees under the HIGH VOLUME PROVIDER Programme" shall be amended as follows:
1) in point 2.1(3), the following phrase shall be added after the semi-colon:
"where qualified clients that are members of the same group of companies within the meaning of point 6.4 participate in the reduction, the exchange member shall deposit collateral only on registration of the first such client;";
2) point 2.5(3) shall read as follows:
"3) the entity's continued eligibility to participate in the relevant reduction (the reduction referred to in § 1 or § 2 of the Resolution, respectively) expires, as per point 5.9 or point 5.10 of this Annex.";
3) in point 5.5, after the full stop, a second sentence shall be added as follows:
"The value of broker's orders executed at one session on the account of eligible clients of an exchange member that are members of the same group of companies, within the meaning of point 6.4, shall be added up.";
4) in point 5.6, after the full stop, a second sentence shall be added as follows:
"The volume of futures contracts and options traded at one session on the account of eligible clients of an exchange member that are members of the same group of companies, within the meaning of point 6.4, shall be added up.";
5) in point 5.7, after the full stop, a third sentence shall be added as follows:
"For eligible clients of an exchange member that are members of the same group of companies, within the meaning of point 6.4, the condition of minimum value/volume shall not apply within the first 3 months of the participation of the first eligible client that is a member of such group of companies for the first time in the promotional reduction of exchange fees on the cash market or on the futures market, respectively.";
6) after point 5.9, a new point 5.10 shall be added as follows:
"5.10. The provisions of point 5.9 shall apply accordingly to all eligible clients of an exchange member that are members of the same group of companies, within the meaning of point 6.4.";
7) the existing 6.2 shall become point 6.3 and a new point 6.2 shall be added as follows:
"6.2. The provisions of point 6.1.(3) shall apply accordingly to all eligible clients of an exchange member that are members of the same group of companies, within the meaning of point 6.4, in cases referred to in point 5.10.";
8) after point 6.3, a new point 6.4 shall be added as follows:
"6.4. Eligible clients of an exchange member that are members of the same group of companies within the meaning of provisions of this Annex shall be understood as eligible clients of an exchange member that are subsidiaries of the same legal person, other than an exchange member, holding more than 50% of shares in each of such clients and, where such legal entity (holding company) is an eligible client of such exchange member, then also that legal person.".


§ 3


The consolidated text of the Annex to Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 "Detailed Terms of Participation in the Promotional Reduction of Exchange Fees under the HIGH VOLUME PROVIDER Programme" incorporating the amendments referred to in § 2 is attached hereto.

§ 4


This Resolution shall enter into force on 1 August 2014.

Annex to Resolution No. 842/2014 of the Exchange Management Board dated 24 July 2014

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