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Alternative Trading System

Alternative Trading System (ATS) - one of the CATALYST transaction platforms organised by BondSpot.

The bond market Catalyst was launched on 30 September 2009. It operates on transaction platforms of the Warsaw Stock Exchange and BondSpot. Catalyst comprises four trading platforms. Two platforms operated by the WSE (a regulated market and an alternative trading system) are dedicated to retail investors; two BondSpot markets (regulated market and ATS) are dedicated to wholesale investors.All platforms support trading in non-Treasury debt instruments: municipal bonds, corporate bonds, and mortgage bonds. The Catalyst architecture ensures that the market can accommodate issues of different sizes and parameters and serve the needs of different investor groups: wholesale and retail investors, institutions and individuals.

The following entities may become the ATS Member:
1) an investment firm, which makes transactions on its own account or on its client’s account,
2) a foreign investment firm, which does not conduct brokerage activities in the territory of the Republic of Poland, which makes transactions on its own account or on its clients account,
3) a bank referred to in Art. 70 Sec.2 of the Trading Act, which makes transactions on its own account or on its client’s account, in debt instruments issued by the State Treasury and the National Bank of Poland and in debt instruments referred to in § 5 Sec. 1 Item 5 and on its own account in respect of other debt instruments, subject to Item 4,
4) an entity authorized under Art. 70 Sec. 1 Item 2 or 9 of the Trading Act to make transactions on its own account or on account of entities belonging to the same group as the entity,
5) any other entity, which is a corporate entity, that which makes transactions on its own account only.

The rules of trading on the regulated markets and in the alternative trading systems are identical and the only differences apply to block trades. Execution of transactions on all Catalyst markets is guaranteed by the National Depository for Securities. Issuers are bound by reporting requirements including current and periodic reports.

The List of instruments traded in the Alternative Trading System organised by BondSpot.

Rules of Alternative Trading System organised by the BondSpot S.A. effective as of 24 April 2017.