The Polish market is the first in Central and Eastern Europe to join the ranks of developed countries such as the United States, Japan and Germany.
FTSE Russell, which is part of the London Stock Exchange Group, announced the move in September last year. The decision officially came into force on Monday.
A ceremony marking Poland’s admittance to the group of the 25 most developed countries took place at the London Stock Exchange, with Polish bourse officials and business people taking part.
Warsaw Stock Exchange (WSE) CEO Marek Dietl said the Polish bourse was established in the same year as that in London, but after the 1989 collapse of communism it had to start from scratch in 1991.
Promotion to premier league
Using a football analogy, Dietl compared Poland’s upgrade to a promotion to the Premier League.
The Warsaw Stock Exchange said Poland was the first country in almost a decade, and the first Central and Eastern European country, to be upgraded to developed market status.
“The upgrade of Poland to Developed Market status represents an acknowledgement of the progress of the Polish economy and capital markets and is a major step in their development,” the WSE said in a statement.
It added: “Poland demonstrates all the features of a developed market, including secure trading and post-trade services, as well as advanced infrastructure.”
Dietl told a news conference on Friday that the reclassification should have an overall positive impact on the Polish stock market in the long term.
"After a transition period, we expect to see an increase in turnover on our stock exchange, and we also expect new investors to appear," Dietl said, as quoted by the PAP news agency.
FTSE Russell indices are an important benchmark for leading global investment funds, according to the Warsaw Stock Exchange.
(pk)
Source: IAR/PAP/www.gpw.pl