Brokerages protest WSE's agreement with Euronext

Twenty members of the Chamber of Brokerage Houses (IDM) have issued an official protest against a preliminary co-operation agreement signed between the Warsaw Stock Exchange (WSE) and the international stock exchange alliance Euronext. The agreement does not pertain to capital-based relations but merely outlines a policy of co-operation between the two bourses. However, the 20 brokerage houses have expressed their concern over whether their opinions or the preferences of their clients were represented sufficiently. "We are convinced that Euronext members will find themselves in a more privileged situation as far as Polish brokers are concerned," said IDM's official statement. The agreement in question will not come into life before 2003. IDM's statement stipulates that any attempts at creating a joint stock exchange should be preceded by a development strategy for the entire Polish capital market. (Gazeta Wyborcza, March 23-34, p. 30; Parkiet, March 23-24, p. 4; Prawo i Gospodarka, March 23-24, p. 3) M.T.K.