Tough Love Pays Off For Warsaw's Bourse

Western-style rules have investors--and companies--pouring in

People scoffed when the Warsaw Stock Exchange opened in 1991. With its insistence on tight regulation and transparency, the new exchange drew only five listings. But those stiff rules are paying off now, as Warsaw rapidly gains credibility over its archrival, the Prague Stock Exchange. With listings up to 105 and dozens more on the way, Warsaw is attracting investors who are shunning Prague, where regulation is weak and trading is light.

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