Gielda Papierow Wartosciowych w Wrszw : Resolution No. 663/2016

2016-06-29 10:49:00

Resolution No. 663/2016
of the Warsaw Stock Exchange Management Board
dated 28 June 2016

concerning the temporary availability of reduced rates of
certain exchange fees charged on the GPW Main Market

Pursuant to § 20.4 of the Exchange Articles of Association and § 178 of the Exchange Rules, the Exchange Management Board resolves the following:

§ 1

1. Entities which fulfil the participation requirements of the promotional reduction of exchange fees in the HIGH VOLUME PROVIDER programme under Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 (as amended) shall be entitled to participate in the reduction of exchange fees on trade in shares or rights to shares under the aforementioned Resolution and/or under this present Resolution (to the extent and on the terms hereof) or to participate only in one of such fee reductions.

2. Participation in the promotional reduction of exchange fees under Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 (as amended) shall be without prejudice to use, to any other extent, of the reduction of exchange fees under this present Resolution (to the extent and on the terms hereof) provided the exchange member marks its broker orders with the appropriate designation, in the procedure and on the terms agreed with the Exchange, separately for orders to be subject to the given reduction.

3. The rates of exchange fees referred to in points 3.1.1 and 3.3 of Exhibit 1 to the Exchange Rules shall not apply to an entity's trade in shares or rights to shares during the period of participation in the reduction of exchange fees under this present Resolution.

§ 2

As a condition of participation in the reduction of exchange fees under this present Resolution, the authorised entity referred to in § 1.1 shall complete a relevant application form according to the template defined by the Exchange and provide the Exchange with the original counterpart of the completed form.

§ 3

1. The reduction of exchange fees under this present Resolution shall only apply to fees referred to in points 3.1.1 and 3.3 of Exhibit 1 to the Exchange Rules on trade in shares and rights to shares in the continuous trading system with the exception of block trades, cross trades, buy-sell-back and sell-buy-back transactions.

2. In the case of participation in the reduction of exchange fees under this Resolution, the exchange fee on trade in shares or rights to shares shall only be charged on the value of an order or its executed part as follows:

1) 0.002% of the value of an order or its part, executed in the continuous trading phase or trading at last in a transaction marked in the exchange IT system as 'add liquidity' (known as a 'maker transaction');

2) 0.01% of the value of an order or its part, executed in the continuous trading phase or trading at last in a transaction marked in the exchange IT system as 'remove liquidity' (known as a 'taker transaction');

3) 0.01% of the value of an order or its part, executed in the continuous trading phase in a transaction other than marked in the exchange IT system as 'remove liquidity' or 'add liquidity';

4) 0.01% of the value of an order or its part, executed at the opening auction or at the closing auction.

§ 4

1. The reduced exchange fee rates, referred to in § 3.2, shall apply to executed transactions starting on the first day of the calendar month following the submission of the appropriately completed application form, referred to in § 2, by the authorised entity.

2. The reduced exchange fee rates shall only apply to broker orders marked with appropriate designation, in the procedure and on the terms agreed with the Exchange, by the exchange member submitting the order.

3. In the event of any breach of the rules of marking broker's orders with the appropriate designation, referred to above, the Exchange Management Board may decide to discontinue the application of the reduced exchange fee rates under this present Resolution to trade on the account of the entity.

4. Prior to deciding as referred to in sub-paragraph 3, the Exchange Management Board may call on the entity to provide the necessary explanations, information or documents.

§ 5

This present Resolution shall come into force on 1 July 2016 and shall remain in effect within the validity period of Resolution No. 1202/2013 of the Exchange Management Board dated 11 October 2013 (as amended).