Rozwój pozagiełdowego rynku papierów wartościowych w Polsce

Abstract

Over-the-counter market originated in the USA, where it was used by road construction companies. In the 1920s, these companies began to use OTC stock to gain capital for their own development. Initially, transactions were made by emissaries; however, in 1971, NASDAQ (National Association of Securities Dealers Automated Quotations) - the first electronic stock exchange - was developed. Projects to create OTC stock in Poland began in 1994 and it was a long time before it became well established. Originally, it was intended that companies involved in the Mass Privatization Program (Program Powszechnej Prywatyzacji) would trade stocks there. However, only a fraction of over 500 companies taking part in the Program ventured to make their debut on the new market. After the initial failure, the role of the OTC stock on the Polish financial market had to be redefined. According to a new concept, the new market would aim at new, small and medium companies with a growthpotential. It was thought to be the GPW’s (Warsaw Stock Exchange) breeding ground for the companies which were unable to meet listing requirements for larger exchanges, but which needed to gain capital to increase their activity. This strategy was not very successful either, as enterprises were very reluctant to enter the market. One of the reasons could be the fact that at the time when the Polish capital market was forming, all trading was possible only on the stock exchange. Also, the market was not sufficiently promoted, so small enterprises were unaware that they could gain capital there, instead of issuing shares on the stock exchange. Finally, overregulation might have contributed to the failure of the concept as excessive control hindered natural development and self-regulation of the OTC stock. BondSpot has increased efforts to create a public market for government, municipal and corporate bonds and the market for public utilities. The platform, which enables bond trade on the secondary market Catalyst, has been formed with the primary aim of promoting investments in such bonds in Poland. This strategy seems to be efficient as it fills the market niche. It is in the time of crisis that the bond market may become a dark horse. Enterprises which face problems with obtaining investment credits while having difficulties meeting tough assessment criteria for borrowing capacity and cautious investors who have lost a chunk of their assets during the recent crisis are likely to choose bonds as an alternative to satisfy their needs - convenient for the former and save for the latter. The fear of another crisis and the possibility of the return of downward tendencies on exchanges both encourage less aggressive investments.