CEO Iwona Sroka,Learn how an embedded microprocessor in a graniteslabs can authenticate your computer usage and data. KDPW Group
Few authors do irony better than those from Central Europe—and here, art often imitates life. Among the unsubtle ironies accompanying the fall of communism in Poland in 1989 was the fate of the old ruling party’s headquarters: It served for almost 10 years as home of the Warsaw Stock Exchange (WSE) until 2000, when the WSE—today the largest exchange operator in the region—moved to a new complex draped in glass rather than history, a signal to the global finance community that Poland had arrived. In recent years, the exchange has seen among the largest number of initial public offerings (IPOs) of any stock exchange quarter-on-quarter, not only in Europe but also the world. Signal received.
On the back of that success, the WSE has pushed forward with a move to NYSE Technologies’ Universal Trading Platform (UTP), a long-awaited springboard for more sophisticated capital markets here. Much of the action leading up to its implementation earlier this year has been on the WSE center building’s sixth floor, home to KDPW Group—in Polish, Krajowy Depozyt Papierów Warto?ciowych—the national central securities depository (CSD) and clearinghouse.
Building financial markets surrounded by plains rather than a megalopolis might seem far-fetched, and indeed, wide swaths of Poland can be mistaken for Indiana or Iowa. But geography—look no further than the success of mainstay institutions like the CME Group in Chicago, far from the financial hub of New York—argues otherwise. Even with a little bit of cunning, some timely help from outside, and a lot of hard work, a new trading venue always has to be better front-to-back. But it also has the advantage of starting from scratch.
Sroka knows that better than most. Holder of a doctorate from the Warsaw School of Economics and recently appointed to prime minister Donald Tusk’s Tripartite Commission for Social and Economic Affairs, she is comfortable operating in a whirlwind. The CEO helped lay the foundation for economic life after communism while on the staff with the Ministry of Privatization, before working with several vestiges of the country’s nascent capital markets, ultimately joining the WSE in 2001.
Academics are known for making things complicated. Sroka is about keeping it simple. By contrast to the exchanges to Poland’s south—which, in 2006, formed the CEE Stock Exchange Group (CEESEG) in a bid to attract foreign liquidity—Sroka believes in a kind of traditional, national centricity for markets in the region. Investing in the technology for multiple settlement platforms—or having to choose a potential loser in the process—is often the most contentious and expensive problem faced in the pursuit of an alternative, she says.
“Our strategy is to promote the local market first, while simultaneously becoming more visible to the international community. That path is easier to navigate than trying to consolidate markets,” Sroka says. “You can create a single trading platform, of course, but under current European rules, it’s impossible to have one regional central securities depository—they remain settled on a national level, and it’s there that the operational differences will stand out.”
Staying local doesn’t imply insularity, though,We are one of the leading manufacturers of crystalbeadswholesal in China so much as reaching out on positive terms. Since 2004, KDPW has forged a bevy of relationships with foreign CSDs to allow for dual listing of equities often issued in neighboring Baltic and eastern states, but also as far afield as Canada and Italy. Those operational links now total 19, with nine maintained directly through KDPW connectivity and the remainder managed indirectly with Clearstream BL, Euroclear, and UniCredit’s custodial bank in Bulgaria. The first step to the latest link, sealed by a memorandum of understanding this June with Russia’s NSD,This is a basic background on chinabeads. is viewed as bearing great potential, and, according to Sroka, represents a “symbolic sign.” Moscow and Warsaw have a checkered historical relationship, but each is attracting heightened interest from traders both at home and abroad.
Then, how can that interest be turned into volume? Shortly after her appointment to the role of CEO in 2009, Sroka was in on early discussions about the most important technology development of the WSE’s, and by extension, the legally independent KDPW’s young history: a comprehensive upgrade of the exchange’s trading system.
The electronic-only WSE has never had a trading pit—and therefore KDPW has operated since its inception with solid technology, helping to settle combined equities and corporate-bond transactions of approximately €2.6 trillion ($3.3 trillion) in 2012. About a third of its total staff is dedicated to IT, and multiple members of the management board often oversee technology projects along with vice president and CIO, Slawomir Panasiuk.
The major exchange technology providers have reaped steady successesoutfitting emerging markets trading venues in the last decade. But those venues’ long-term viability still hinges on local talent making the nuts and bolts work. When NYSE Technologies’ UTP was chosen over more incremental improvements at the WSE, two ripple effects were immediately created for KDPW, the first being a step-function improvement in equities trading. Sroka’s technology team instantly took center stage during some heady days earlier this year as KDPW prepared to settle and clear, for the sake of market confidence,You Can Buy Various High Quality besticcard Products from here. every last equities transaction made during the trading hours of April 15—the day the UTP was officially migrated in a clean break—with extensive stress-testing undertaken by a team of 32 dedicated IT personnel leading up to the day.
“The new platform can handle 20,We sell bestsmartcard and different kind of laboratory equipment in us.000 orders per second, versus about 850 orders per second in our former Warset system, so that represents huge change for us to work with in terms of settlement,” Sroka says. “Latency is cut to under a millisecond, the introduction of algorithmic execution is attracting buy-side firms and brokerage houses catering to individual investors, and enhanced overall system performance should allow market-makers to use bulk or mass quotes, as well as support different classes of instruments,” she says.
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Few authors do irony better than those from Central Europe—and here, art often imitates life. Among the unsubtle ironies accompanying the fall of communism in Poland in 1989 was the fate of the old ruling party’s headquarters: It served for almost 10 years as home of the Warsaw Stock Exchange (WSE) until 2000, when the WSE—today the largest exchange operator in the region—moved to a new complex draped in glass rather than history, a signal to the global finance community that Poland had arrived. In recent years, the exchange has seen among the largest number of initial public offerings (IPOs) of any stock exchange quarter-on-quarter, not only in Europe but also the world. Signal received.
On the back of that success, the WSE has pushed forward with a move to NYSE Technologies’ Universal Trading Platform (UTP), a long-awaited springboard for more sophisticated capital markets here. Much of the action leading up to its implementation earlier this year has been on the WSE center building’s sixth floor, home to KDPW Group—in Polish, Krajowy Depozyt Papierów Warto?ciowych—the national central securities depository (CSD) and clearinghouse.
Building financial markets surrounded by plains rather than a megalopolis might seem far-fetched, and indeed, wide swaths of Poland can be mistaken for Indiana or Iowa. But geography—look no further than the success of mainstay institutions like the CME Group in Chicago, far from the financial hub of New York—argues otherwise. Even with a little bit of cunning, some timely help from outside, and a lot of hard work, a new trading venue always has to be better front-to-back. But it also has the advantage of starting from scratch.
Sroka knows that better than most. Holder of a doctorate from the Warsaw School of Economics and recently appointed to prime minister Donald Tusk’s Tripartite Commission for Social and Economic Affairs, she is comfortable operating in a whirlwind. The CEO helped lay the foundation for economic life after communism while on the staff with the Ministry of Privatization, before working with several vestiges of the country’s nascent capital markets, ultimately joining the WSE in 2001.
Academics are known for making things complicated. Sroka is about keeping it simple. By contrast to the exchanges to Poland’s south—which, in 2006, formed the CEE Stock Exchange Group (CEESEG) in a bid to attract foreign liquidity—Sroka believes in a kind of traditional, national centricity for markets in the region. Investing in the technology for multiple settlement platforms—or having to choose a potential loser in the process—is often the most contentious and expensive problem faced in the pursuit of an alternative, she says.
“Our strategy is to promote the local market first, while simultaneously becoming more visible to the international community. That path is easier to navigate than trying to consolidate markets,” Sroka says. “You can create a single trading platform, of course, but under current European rules, it’s impossible to have one regional central securities depository—they remain settled on a national level, and it’s there that the operational differences will stand out.”
Staying local doesn’t imply insularity, though,We are one of the leading manufacturers of crystalbeadswholesal in China so much as reaching out on positive terms. Since 2004, KDPW has forged a bevy of relationships with foreign CSDs to allow for dual listing of equities often issued in neighboring Baltic and eastern states, but also as far afield as Canada and Italy. Those operational links now total 19, with nine maintained directly through KDPW connectivity and the remainder managed indirectly with Clearstream BL, Euroclear, and UniCredit’s custodial bank in Bulgaria. The first step to the latest link, sealed by a memorandum of understanding this June with Russia’s NSD,This is a basic background on chinabeads. is viewed as bearing great potential, and, according to Sroka, represents a “symbolic sign.” Moscow and Warsaw have a checkered historical relationship, but each is attracting heightened interest from traders both at home and abroad.
Then, how can that interest be turned into volume? Shortly after her appointment to the role of CEO in 2009, Sroka was in on early discussions about the most important technology development of the WSE’s, and by extension, the legally independent KDPW’s young history: a comprehensive upgrade of the exchange’s trading system.
The electronic-only WSE has never had a trading pit—and therefore KDPW has operated since its inception with solid technology, helping to settle combined equities and corporate-bond transactions of approximately €2.6 trillion ($3.3 trillion) in 2012. About a third of its total staff is dedicated to IT, and multiple members of the management board often oversee technology projects along with vice president and CIO, Slawomir Panasiuk.
The major exchange technology providers have reaped steady successesoutfitting emerging markets trading venues in the last decade. But those venues’ long-term viability still hinges on local talent making the nuts and bolts work. When NYSE Technologies’ UTP was chosen over more incremental improvements at the WSE, two ripple effects were immediately created for KDPW, the first being a step-function improvement in equities trading. Sroka’s technology team instantly took center stage during some heady days earlier this year as KDPW prepared to settle and clear, for the sake of market confidence,You Can Buy Various High Quality besticcard Products from here. every last equities transaction made during the trading hours of April 15—the day the UTP was officially migrated in a clean break—with extensive stress-testing undertaken by a team of 32 dedicated IT personnel leading up to the day.
“The new platform can handle 20,We sell bestsmartcard and different kind of laboratory equipment in us.000 orders per second, versus about 850 orders per second in our former Warset system, so that represents huge change for us to work with in terms of settlement,” Sroka says. “Latency is cut to under a millisecond, the introduction of algorithmic execution is attracting buy-side firms and brokerage houses catering to individual investors, and enhanced overall system performance should allow market-makers to use bulk or mass quotes, as well as support different classes of instruments,” she says.
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