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108-850: The WSE is a member of the Federation of European Securities Exchanges. On 17 December 2013, the WSE also joined the United Nations Sustainable Stock Exchanges (SSE) initiative . On 23 August 2023, the company formed EuroCTP as a joint venture with 13 other bourses, in an effort to provide a consolidated tape for the European Union , as part of the Capital Markets Union proposed by the European Commission . Warsaw became

216-682: A multi-stakeholder learning platform for stock exchanges, investors, regulators, and companies. The first meeting of the SSE was opened by UN Secretary-General Ban Ki-moon in New York City in 2009. Subsequently, the SSE began holding "Global Dialogues" every two years, starting with the 2010 SSE Global Dialogue in Xiamen , China, which took place as part of the UNCTAD World Investment Forum. The second SSE Global Dialogue

324-467: A Communist to a market economy . Since then the WSE has been developing and growing rapidly and is now perceived as well established on the European market. In September 2008 the stock exchange was recognized as an "Advanced Emerging" exchange by FTSE, alongside markets from such countries as South Korea or Taiwan . On 29 September 2017, the index provider FTSE Russell has announced the results of

432-503: A French public which wanted territory and a French army which wanted revenge. The situation did not suit either France, which unexpectedly found itself next to the militarily powerful Prussian-led North German Confederation, or Prussia, whose foremost objective was to complete the process of uniting the German states under its control. Thus, war between the two powers since 1866 was only a matter of time. In Prussia, some officials considered

540-463: A bad situation much worse was the conduct of General Auguste-Alexandre Ducrot , commander of the 1st Division. He told General Abel Douay , commander of the 2nd Division, on 1 August that "The information I have received makes me suppose that the enemy has no considerable forces very near his advance posts, and has no desire to take the offensive" . Two days later, he told MacMahon that he had not found "a single enemy post ... it looks to me as if

648-596: A broad deployment which made envelopment highly likely but the effectiveness of French Chassepot-rifle fire inflicted costly repulses on infantry attacks, until the French infantry had been extensively bombarded by the Prussian artillery. The Battle of Spicheren on 5 August was the second of three critical French defeats. Moltke had originally planned to keep Bazaine's army on the Saar River until he could attack it with

756-551: A column or line formation , Prussian infantry moved in small groups that were harder to target by artillery or French defensive fire. The sheer number of soldiers available made encirclement en masse and destruction of French formations relatively easy. The army was equipped with the Dreyse needle gun renowned for its use at the Battle of Königgrätz , which was by this time showing the age of its 25-year-old design. The rifle had

864-692: A contact-detonated shell, the Krupp gun had a longer range and a higher rate of fire than the French bronze muzzle loading cannon, which relied on time fuses. The Prussian army was controlled by the General Staff , under General Helmuth von Moltke . The Prussian army was unique in Europe for having the only such organisation in existence, whose purpose in peacetime was to prepare the overall war strategy, and in wartime to direct operational movement and organise logistics and communications. The officers of

972-482: A distant plateau south of the town of Spicheren, and took this as a sign of Frossard's retreat. Ignoring Moltke's plan again, both German armies attacked Frossard's French 2nd Corps, fortified between Spicheren and Forbach. The French were unaware of German numerical superiority at the beginning of the battle as the German 2nd Army did not attack all at once. Treating the oncoming attacks as merely skirmishes, Frossard did not request additional support from other units. By

1080-526: A fierce opponent of Prussia who, as French Ambassador to Austria in 1866, had advocated an Austro-French military alliance against Prussia. Napoleon III's worsening health problems made him less and less capable of reining in Empress Eugénie, Gramont and the other members of the war party, known collectively as the "mameluks". For Bismarck, the nomination of Gramont was seen as "a highly bellicose symptom". The Ems telegram of 13 July 1870 had exactly

1188-1174: A growing impact on capital markets, investors and corporations. COP21 set the stage for a new generation of global climate change policies that will influence markets for years to come. This peer-to-peer CEO summit provided a platform for addressing climate challenges and opportunities and sharing views on the path forward. Hosted by Mirova and Natixis , this United Nations event welcomed an exclusive group of C-level participants from stock exchanges, institutional investors, and listed companies joining public policy leaders from international organizations, national governments and regulatory bodies. Franco-Prussian War German victory Before 18 January 1871 : [REDACTED]   North German Confederation [REDACTED]   Bavaria [REDACTED]   Württemberg [REDACTED]   Baden Total deployment : Initial strength : Peak field army strength : Total deployment : Initial strength : Peak field army strength : 756,285 144,642 The Franco-Prussian War or Franco-German War , often referred to in France as

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1296-516: A major obstacle in terms of logistics. Only one railway there led to the German hinterland but could be easily defended by a single force, and the only river systems in the region ran along the border instead of inland. While the French hailed the invasion as the first step towards the Rhineland and later Berlin, General Edmond Le Bœuf and Napoleon III were receiving alarming reports from foreign news sources of Prussian and Bavarian armies massing to

1404-520: A massacre, the French army disengaged and retreated in a westerly direction towards Bitche and Saverne, hoping to join French forces on the other side of the Vosges mountains . The German 3rd army did not pursue the French but remained in Alsace and moved slowly south, attacking and destroying the French garrisons in the vicinity. About 160,000 French soldiers were besieged in the fortress of Metz following

1512-566: A partnership member of the Federation of Euro-Asian Stock Exchanges . The Sustainable Stock Exchanges Global Dialogues are held every two years as the SSE initiative's flagship event. They provide a unique, high-level platform to explore how the world's exchanges can work together with investors, regulators and companies to create more sustainable capital markets. They are designed to analyze, promote and foster communication on stock exchanges' sustainability-related activities. They demonstrate

1620-436: A range of only 600 m (2,000 ft) and lacked the rubber breech seal that permitted aimed shots. The deficiencies of the needle gun were more than compensated for by the famous Krupp 6-pounder (6 kg despite the gun being called a 6-pounder, the rifling technology enabled guns to fire twice the weight of projectiles in the same calibre) steel breech-loading cannons being issued to Prussian artillery batteries. Firing

1728-583: A reserve and to guard against a Prussian advance through Belgium . A pre-war plan laid down by the late Marshal Niel called for a strong French offensive from Thionville towards Trier and into the Prussian Rhineland. This plan was discarded in favour of a defensive plan by Generals Charles Frossard and Bartélemy Lebrun , which called for the Army of the Rhine to remain in a defensive posture near

1836-667: A result of the Franco-Austrian War of 1859 . During the Austro-Prussian War of 1866, the Empress Eugénie , Foreign Minister Drouyn de Lhuys and War Minister Jacques Louis Randon were concerned that the power of Prussia might overtake that of France. They unsuccessfully urged Napoleon to mass troops at France's eastern borders while the bulk of the Prussian armies were still engaged in Bohemia as

1944-488: A return to the French borders of 1814, with the annexation of Luxembourg , most of Saarland , and the Bavarian Palatinate . Bismarck flatly refused what he disdainfully termed France's politique des pourboires ("tipping policy"). He then communicated Napoleon III's written territorial demands to Bavaria and the other southern German states of Württemberg , Baden and Hesse-Darmstadt , which hastened

2052-542: A revolutionary uprising which seized and held power for two months before its suppression; the event would influence the politics and policies of the Third Republic . The causes of the Franco-Prussian War are rooted in the events surrounding the lead up to the unification of the German states under Otto von Bismarck . France had gained the status of being the dominant power of continental Europe as

2160-471: A rubber ring seal and a smaller bullet, the Chassepot had a maximum effective range of some 1,500 metres (4,900 ft) with a short reloading time. French tactics emphasised the defensive use of the Chassepot rifle in trench-warfare style fighting—the so-called feu de bataillon . The artillery was equipped with rifled, muzzle-loaded La Hitte guns . The army also possessed a precursor to the machine-gun:

2268-513: A unique platform for CEO's of stock exchanges, listed companies and institutional investors, alongside high-level policy makers and regulators, to demonstrate leadership and understanding of the sustainable development opportunities and challenges facing capital markets today. Hosted by Nasdaq Helsinki, the SSE Regional Dialogue welcomed more than 100 participants from across Nordic markets. A high-level policy dialogue took place in

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2376-402: A war against France both inevitable and necessary to arouse German nationalism in those states that would allow the unification of a great German empire. This aim was epitomized by Prussian Chancellor Otto von Bismarck's later statement: "I did not doubt that a Franco-German war must take place before the construction of a United Germany could be realised." Bismarck also knew that France should be

2484-557: A warning that no territorial changes could be effected in Germany without consulting France. As a result of Prussia's annexation of several German states which had sided with Austria during the war and the formation of the North German Confederation under Prussia's aegis, French public opinion stiffened and now demanded more firmness as well as territorial compensations. As a result, Napoleon demanded from Prussia

2592-560: Is held on the eve of the launch of the Sustainable Development Goals (SDGs) to bring together capital market leaders to discuss the role they can play in supporting the achievement of these goals. This high-level dialogue included CEOs from SSE Partner Exchanges, institutional investors and listed companies, joining public policy leaders from international organizations and national governments. All participants had an opportunity to speak and engage with their peers on

2700-481: Is supposed to connect companies seeking capital with investors on the private market thanks to the technology used as the foundation of Bitcoin and other cryptocurrencies ". In 2020, the WSE achieved a significant success when it comes to the gaming market , as it had more gaming companies listed than the Tokyo Stock Exchange and became a global leader of the gaming stock sector. On 28 June 2022,

2808-699: The Siege of Metz and the Battle of Sedan , resulted in the capture of the French Emperor Napoleon III and the decisive defeat of the army of the Second Empire ; a Government of National Defense was formed in Paris on 4 September and continued the war for another five months. German forces fought and defeated new French armies in northern France, then besieged Paris for over four months before it fell on 28 January 1871, effectively ending

2916-628: The Treaty of Paris following the Crimean War a precondition for the union. But Imperial France was not ready to do this. "Bonaparte did not dare to encroach on the Paris Treaty: the worse things turned out in the present, the more precious the heritage of the past became". The French Army consisted in peacetime of approximately 426,000 soldiers, some of them regulars, others conscripts who until March 1869 were selected by ballot and served for

3024-658: The War of 1870 , was a conflict between the Second French Empire and the North German Confederation led by the Kingdom of Prussia . Lasting from 19 July 1870 to 28 January 1871, the conflict was caused primarily by France's determination to reassert its dominant position in continental Europe, which appeared in question following the decisive Prussian victory over Austria in 1866 . According to some historians, Prussian chancellor Otto von Bismarck deliberately provoked

3132-422: The mitrailleuse , which could unleash significant, concentrated firepower but nevertheless lacked range and was comparatively immobile, and thus prone to being easily overrun. The mitrailleuse was mounted on an artillery gun carriage and grouped in batteries in a similar fashion to cannon. The army was nominally led by Napoleon III, with Marshals François Achille Bazaine and Patrice de MacMahon in command of

3240-603: The 15th and 16th century and was based on privileges by the Masovian Dukes and later Polish Kings . The original privileges are lost, but they have been mentioned and affirmed by King John II Casimir in 1658. An archetype of the Warsaw Exchange was first mentioned in 1624–1625. In 1643 Adam Zarzebski, the chief architect of King Władysław IV , mentioned a stone building on the Old Market Square as

3348-459: The 2nd Army in front and the 1st Army on its left flank, while the 3rd Army closed towards the rear. The aging General von Steinmetz made an overzealous, unplanned move, leading the 1st Army south from his position on the Moselle . He moved straight toward the town of Spicheren, cutting off Prince Frederick Charles from his forward cavalry units in the process. On the French side, planning after

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3456-475: The Austro-Prussian War, were treading carefully before stating that they would only side with France if the south Germans viewed the French positively. This did not materialize as the four South German states had come to Prussia's aid and were mobilizing their armies against France. Napoleon III was under substantial domestic pressure to launch an offensive before the full might of Moltke's forces

3564-918: The Duchy of Warsaw adopted the Napoleonic code including the Code de Commerce . The Code de Commerce also regulated stock exchange law and there were efforts made to establish a state-organized exchange on the basis of this code in Warsaw. However, due to the Napoleonic Wars and the Congress of Vienna , the plans had to be postponed. The first state-organized exchange in Poland, the Warsaw Mercantile Exchange (Giełda Kupiecka w Warszawie),

3672-506: The Franco-Prussian War broke out before these reforms could be completely implemented. The mobilisation of reservists was chaotic and resulted in large numbers of stragglers, while the Garde Mobile were generally untrained and often mutinous. French infantry were equipped with the breech-loading Chassepot rifle , one of the most modern mass-produced firearms in the world at the time, with 1,037,555 available in French inventories. With

3780-459: The French defended their position just outside Frœschwiller. By afternoon, the Germans had suffered c.  10,500 killed or wounded and the French had lost a similar number of casualties and another c.  9,200 men taken prisoner, a loss of about 50%. The Germans captured Fröschwiller which sat on a hilltop in the centre of the French line. Having lost any hope for victory and facing

3888-578: The French had a chance to sweep away the key Prussian defense, and to escape. Two Prussian corps had attacked the French advance guard, thinking that it was the rearguard of the retreat of the French Army of the Meuse. Despite this misjudgment the two Prussian corps held the entire French army for the whole day. Outnumbered 5 to 1, the extraordinary élan of the Prussians prevailed over gross indecision by

3996-524: The French into declaring war by releasing an altered summary of the Ems Dispatch , a telegram sent by William I rejecting French demands that Prussia never again support a Hohenzollern candidacy. Bismarck's summary, as mistranslated by the French press Havas , made it sound as if the king had treated the French envoy in a demeaning fashion, which inflamed public opinion in France. French historians François Roth and Pierre Milza argue that Napoleon III

4104-443: The French into declaring war on Prussia in order to induce four independent southern German states— Baden , Württemberg , Bavaria and Hesse-Darmstadt —to join the North German Confederation ; other historians contend that Bismarck exploited the circumstances as they unfolded. All agree that Bismarck recognized the potential for new German alliances, given the situation as a whole. France mobilised its army on 15 July 1870, leading

4212-751: The General Staff were hand-picked from the Prussian Kriegsakademie (War Academy). Moltke embraced new technology, particularly the railroad and telegraph, to coordinate and accelerate mobilisation of large forces. On 28 July 1870 Napoleon III left Paris for Metz and assumed command of the newly titled Army of the Rhine, some 202,448 strong and expected to grow as the French mobilization progressed. Marshal MacMahon took command of I Corps (4 infantry divisions) near Wissembourg , Marshal François Canrobert brought VI Corps (4 infantry divisions) to Châlons-sur-Marne in northern France as

4320-517: The German border and repel any Prussian offensive. As Austria, along with Bavaria, Württemberg, and Baden were expected to join in a revenge war against Prussia, I Corps would invade the Bavarian Palatinate and proceed to "free" the four South German states in concert with Austro-Hungarian forces. VI Corps would reinforce either army as needed. Unfortunately for Frossard's plan, the Prussian army mobilised far more rapidly than expected. The Austro-Hungarians, still reeling after their defeat by Prussia in

4428-668: The III Corps launched a risky attack. The French were routed and the III Corps captured Vionville, blocking any further escape attempts to the west. Once blocked from retreat, the French in the fortress of Metz had no choice but to engage in a fight that would see the last major cavalry engagement in Western Europe. The battle soon erupted, and III Corps was shattered by incessant cavalry charges , losing over half its soldiers. The German Official History recorded 15,780 casualties and French casualties of 13,761 men. On 16 August,

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4536-701: The North German Confederation to respond with its own mobilisation later that day. On 16 July 1870, the French parliament voted to declare war on Prussia; France invaded German territory on 2 August. The German coalition mobilised its troops much more effectively than the French and invaded northeastern France on 4 August. German forces were superior in numbers, training, and leadership and made more effective use of modern technology, particularly railways and artillery. A series of hard-fought Prussian and German victories in eastern France, culminating in

4644-519: The Polish capital market. The Warsaw Money Exchange had more than 150 participants, 25 brokers, and more than 130 issuers. Its yearly turnover amounted to 1 billion PLZ. A new stock exchange law was passed in 1921 and again in 1926 and 1935. The Polish exchanges were subject to the world crises of 1929, but they recovered in the second half of the 1930s until the Second World War. In 1939 Poland

4752-437: The Prussian 40th Regiment of the 16th Infantry Division from the town of Saarbrücken with a series of direct attacks. The Chassepot rifle proved its worth against the Dreyse rifle , with French riflemen regularly outdistancing their Prussian counterparts in the skirmishing around Saarbrücken. However the Prussians resisted strongly, and the French suffered 86 casualties to the Prussian 83 casualties. Saarbrücken also proved to be

4860-557: The Prussian Army, when potentially 1,000,000 would be required. Under Marshal Adolphe Niel , urgent reforms were made. Universal conscription and a shorter period of service gave increased numbers of reservists, who would swell the army to a planned strength of 800,000 on mobilisation. Those who for any reason were not conscripted were to be enrolled in the Garde Mobile , a militia with a nominal strength of 400,000. However,

4968-593: The Regional Dialogue, leaders of the Hanoi, Hochiminh and Malaysia Stock Exchanges announced their public Commitments to join the SSE initiative as SSE Partner Exchanges. The SSE Regional Dialogue: Nordic Countries began on 4 November 2015. The Sustainable Stock Exchanges Regional Dialogue: Nordic Countries took place in Helsinki, Finland. The SSE Regional Dialogue, the first of its kind in the region, offered

5076-508: The Rhine in Saarbrücken back across the river to Spicheren and Forbach. Marshal MacMahon, now closest to Wissembourg, spread his four divisions 20 miles (32 km) to react to any Prussian-Bavarian invasion. This organization was due to a lack of supplies, forcing each division to seek out food and forage from the countryside and from the representatives of the army supply arm that was supposed to furnish them with provisions. What made

5184-742: The Rules of the Stock Exchange Court. The WSE is a joint stock company founded by the State Treasury . The Treasury holds 35% share in capital. The following instruments are traded on the WSE: shares , bonds , subscription rights , allotments , and derivatives such as futures , options , and index participation units. Since its inception, the WSE has engaged in electronic trading. The WARSET trading platform has been in use from November 2000 to April 2013; it has been superseded by

5292-404: The SSE welcomes participation from securities regulators, investors, companies and other key stakeholders within its Consultative Group. The PRI has an SSE Investor Working Group that has been actively engaged since 2009. The SSE's flagship event is its biennial Global Dialogues and it continues to develop new work streams to address specific stakeholder requests. On 17 October 2023, the SSE became

5400-603: The SSE, hosted by the Colombian Securities Exchange (BVC), and sponsored by the Latin American Sustainable Investment Forum (LatinSIF). The SSE Regional Dialogue: South East Asia was held on 18 May 2015. The Sustainable Stock Exchanges Regional Dialogue South East Asia kicked off in the heart of Bangkok, Thailand with the participation of more than 150 delegates from 13 countries. The SSE Regional Dialogue, as

5508-616: The UTP platform, based on the NYSE Euronext platform formerly having the same name. An additional market called NewConnect was introduced on 30 August 2007. The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 04:50pm and post-market sessions from 04:50pm to 05:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. The highest authority of

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5616-526: The United Nations Palais de Nations . The focus of this event was "Capital Markets for Sustainable Development." It featured over 30 high-level roundtable speakers, consisting of CEOs and Chairmen of Stock Exchanges, investors, companies and standard setters, as well as capital market regulators and policymakers. This event was held as part of the four-day UNCTAD biennial World Investment Forum from October 13 to 17. The 2012 Global Dialogue

5724-909: The United Nations Conference on Trade and Development ( UNCTAD ), the United Nations Global Compact , the United Nations Environment Programme Finance Initiative (UNEP-FI) and the UN-supported Principles for Responsible Investment (PRI). Other key stakeholders include the World Federation of Exchanges (WFE), and the International Organization of Securities Commissions (IOSCO). The SSE provides

5832-425: The Warsaw Stock Exchange acquired 65.03% of shares in the Armenia Securities Exchange (AMX) in Yerevan , which had been approved by the Central Bank of Armenia . The legal framework for exchange operations is provided by three acts from 29 July 2005: Additionally, the WSE is governed by the Code of Commercial Companies of 2000, the Statutes of the Warsaw Stock Exchange, the Rules of the Warsaw Stock Exchange, and

5940-437: The Warsaw Stock Exchange is the General Meeting of Shareholders of the WSE. All Stock Exchange shareholders have the right to participate in the general meeting. The Exchange Supervisory Board supervises the activities of the Exchange. It consists of 5 to 7 members. The Exchange Supervisory Board meets at least once a quarter. The term of office of its members is joint and lasts three years. The Exchange Management Board manages

6048-400: The aggressor in the conflict to bring the four southern German states to side with Prussia, hence giving Germans numerical superiority. He was convinced that France would not find any allies in her war against Germany for the simple reason that "France, the victor, would be a danger to everybody—Prussia to nobody," and he added, "That is our strong point." Many Germans also viewed the French as

6156-407: The annual classification of markets. Polish market has been upgraded from Emerging Market to Developed Market status. In 2019, the Warsaw Stock Exchange announced plans to launch a private market based on a blockchain . Michał Piątek, the WSE's director responsible for the development of new businesses said that: "the planned WSE Private Market will be based on the blockchain technology. The platform

6264-485: The armies of France would take up a defensive position that would protect against every possible attack point, but also left the armies unable to support each other. While the French army under General MacMahon engaged the German 3rd Army at the Battle of Wörth , the German 1st Army under Steinmetz finished their advance west from Saarbrücken. A patrol from the German 2nd Army under Prince Friedrich Karl of Prussia spotted decoy fires nearby and Frossard's army farther off on

6372-405: The border at Wissembourg. Upon learning from captured Prussian soldiers and a local area police chief that the Prussian Crown Prince's Third Army was just 30 miles (48 km) north from Saarbrücken near the Rhine river town Wissembourg, General Le Bœuf and Napoleon III decided to retreat to defensive positions. General Frossard, without instructions, hastily withdrew his elements of the Army of

6480-415: The border, attacked in overwhelming but uncoordinated fashion by the German 3rd Army. During the day, elements of a Bavarian and two Prussian corps became engaged and were aided by Prussian artillery, which blasted holes in the city defenses. Douay held a very strong position initially, thanks to the accurate long-range rapid fire of the Chassepot rifles, but his force was too thinly stretched to hold it. Douay

6588-413: The building of the Financial Commission and Confraternity Harmonia in 1876, before in 1877 the Warsaw Mercantile Exchange moved into its own building at the Saxon Garden . The Warsaw Mercantile Exchange grew rapidly. The number of brokers doubled between 1817 and 1822. In the first half of the 19th century mainly bills, debentures and bonds were traded, while share trading on a broader scale developed in

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6696-437: The capital and financial center of Poland in the early 17th century. In the Middle Ages other Polish towns, most of them members of the Hanseatic League , were the leading economic centers of Poland. Merchants from western and southern Europe settled in Poland since the beginning of Polish statehood. They brought the system of organized exchange trading in securities, mostly bills and currencies, to Poland. The oldest Polish bill

6804-417: The comparatively long period of seven years. Some of them were veterans of previous French campaigns in the Crimean War , Algeria , the Franco-Austrian War in Italy, and in the Mexican campaign . However, following the " Seven Weeks War " between Prussia and Austria four years earlier, it had been calculated that, with commitments in Algeria and elsewhere, the French Army could field only 288,000 men to face

6912-401: The conclusion of defensive military alliances with these states. France had been strongly opposed to any further alliance of German states, which would have threatened French continental dominance. The only result of French policy was the consent of Prussia to nominal independence for Saxony, Bavaria, Wurttemberg, Baden, and Hessia-Darmstadt; this was a small victory, and one without appeal to

7020-467: The critical question of how markets can support sustainable development. The SSE Leaders Luncheon helped to set the agenda for how capital market actors can support the SDGs in the coming years. From sustainability reporting and mobilizing finance to gender equality and global partnerships, stock markets have an important role to play in promoting good corporate practices and facilitating investment in sustainable development. The SSE Leaders Luncheon: Climate

7128-429: The day-to-day operations of the Exchange, admits securities to exchange trading, defines the rules for introducing securities to trading, supervises the activities of exchange brokers and exchange members in the field of exchange trading. The Exchange Management Board consists of 3 to 5 members. The work of the management board is managed by the President of the management board appointed by the General Meeting. Currently,

7236-419: The defeats on the frontier. A retirement from Metz to link up with French forces at Châlons was ordered on 15 August and spotted by a Prussian cavalry patrol under Major Oskar von Blumenthal. Next day a grossly outnumbered Prussian force of 30,000 men of III Corps (of the 2nd Army) under General Constantin von Alvensleben , found the French Army near Vionville, east of Mars-la-Tour. Despite odds of four to one,

7344-399: The disaster at Wissembourg had become essential. General Le Bœuf, flushed with anger, was intent upon going on the offensive over the Saar and countering their loss. However, planning for the next encounter was more based upon the reality of unfolding events rather than emotion or pride, as Intendant General Wolff told him and his staff that supply beyond the Saar would be impossible. Therefore,

7452-418: The dominant European land power. Bismarck maintained great authority in international affairs for two decades, developing a reputation for Realpolitik that raised Germany's global stature and influence. In France, it brought a final end to imperial rule and began the first lasting republican government. Resentment over the French government's handling of the war and its aftermath triggered the Paris Commune ,

7560-417: The effect on French public opinion that Bismarck had intended. "This text produced the effect of a red flag on the Gallic bull", Bismarck later wrote. Gramont, the French foreign minister, declared that he felt "he had just received a slap". The leader of the monarchists in Parliament, Adolphe Thiers , spoke for moderation, arguing that France had won the diplomatic battle and there was no reason for war, but he

7668-472: The field armies. However, there was no previously arranged plan of campaign in place. The only campaign plan prepared between 1866 and 1870 was a defensive one. The German army comprised that of the North German Confederation led by the Kingdom of Prussia , and the South German states drawn in under the secret clause of the preliminary peace of Nikolsburg, 26 July 1866, and formalised in the Treaty of Prague , 23 August 1866. Recruitment and organisation of

7776-634: The first of its kind in South East Asia, offered a unique platform for CEOs of stock exchanges, listed companies and institutional investors, along with high-level policymakers and regulators, to demonstrate leadership and understanding of the sustainable development opportunities and challenges facing capital markets today. Afternoon workshop sessions were made possible through the support of collaborating partners GRI ( Global Reporting Initiative ), CDSB (Climate Disclosure Standards Board), ASRIA (Asia Investment Group on Climate Change) and MSCI. During

7884-598: The group of SSE Partner Exchanges. UNCTAD, the UN Global Compact, the PRI and UNEP-FI, as the core organizer of the SSE Initiative, also committed to supporting stock exchanges in this effort. The SSE initiative invites exchanges globally to become Partner Stock Exchange within the SSE by making a voluntary public commitment to promote improved ESG disclosure and performance among listed companies. In addition,

7992-465: The heights. The Battle of Wörth began when the two armies clashed again on 6 August near Wörth in the town of Frœschwiller , about 10 miles (16 km) from Wissembourg . The Crown Prince of Prussia's 3rd army had, on the quick reaction of his Chief of Staff General von Blumenthal, drawn reinforcements which brought its strength up to 140,000 troops. The French had been slowly reinforced and their force numbered only 35,000. Although badly outnumbered,

8100-511: The long-term survival of the House of Bonaparte . A national plebiscite held on 8 May 1870, which returned results overwhelmingly in favor of the Emperor's domestic agenda, gave the impression that the regime was politically popular and in a position to confront Prussia. Within days of the plebiscite, France's pacifist Foreign Minister Napoléon, comte Daru , was replaced by Agenor, duc de Gramont ,

8208-457: The menace of the Bavarians is simply bluff" . Even though Ducrot shrugged off the possibility of an attack by the Germans, MacMahon tried to warn his other three division commanders, without success. The first action of the Franco-Prussian War took place on 4 August 1870. This battle saw the unsupported division of General Douay of I Corps, with some attached cavalry, which was posted to watch

8316-968: The morning of 4 November, followed in the afternoon by practical workshops to assist investors, companies and other capital market stakeholders with integrating sustainable development into investment and business strategies. Eight new exchanges joined the SSE initiative at the SSE Regional Dialogue: Nordic Countries. The SSE partners with exchanges, investors, and other capital market leaders worldwide to bring capital market players together to identify, discuss and take collective action on common sustainability issues alongside key events and UN summits. These high-level events bring exchanges together with policy makers, regulators, investors, companies and other relevant stakeholders for candid conversations aimed at collectively problem solving key issues, challenges and opportunities facing capital markets today. The SSE Leaders Luncheon: SDGs

8424-528: The president of the WSE is Tomasz Bardziłowski. The capitalisation of 432 domestic companies listed on the Main Market was PLN 645.0 billion (EUR 152.6 billion) at the end of June 2017. The total capitalisation of 483 domestic and foreign companies listed on the GPW Main Market was PLN 1,316.5 billion (EUR 311.5 billion) at the end of June 2017. Total value of trade in equities on the Main Market

8532-466: The progress of stock exchanges while highlighting the challenges and opportunities ahead. Another core purpose is to facilitate the sharing of experiences that encourage exchanges and their regulators to enhance listing rules and regulatory initiatives to include the disclosure of sustainability strategies by listed companies. The 2014 Global Dialogue was held in Geneva , Switzerland, on 14 October 2014, at

8640-520: The public and bring exchanges together with policymakers, regulators, investors, companies and other relevant stakeholders. For SSE Regional Dialogue: LatAm & Caribbean, Latin America's four largest stock exchanges gathered in Colombia for the first Sustainable Stock Exchanges (SSE) Regional Dialogue: LatAm & Caribbean. The regional version of the flagship SSE Global Dialogue was facilitated by

8748-580: The seat of the Exchange, probably a part of the Old Town Hall. The securities trading minutes of the Warsaw merchants in the Old Town Hall have been recorded since 1757. The legal framework for the trading in securities was first codified by the Polish Sejm in 1775. As one of the first Polish corporations Kompania Manufaktur Welnianych issued its first 120 shares in 1768. The first Polish bonds were issued in 1782 by King Stanisław August . In 1808,

8856-557: The second half of that century. The first public security to be traded on the Warsaw Mercantile Exchange was the debentures of Towarzystwo Kredytowe Ziemskie issued in 1826. The first shares admitted to trading were issued by railroad companies in the 1840s. Until 1853 trading sessions were twice a week between 1pm and 2pm. In 1873 a new, more liberal, stock exchange act was passed, separating the trade in securities and commodities. A separate Warsaw Commodities Exchange

8964-667: The southeast in addition to the forces to the north and northeast. Moltke had indeed massed three armies in the area—the Prussian First Army with 50,000 men, commanded by General Karl von Steinmetz opposite Saarlouis , the Prussian Second Army with 134,000 men commanded by Prince Friedrich Karl opposite the line Forbach - Spicheren , and the Prussian Third Army with 120,000 men commanded by Crown Prince Friedrich Wilhelm , poised to cross

9072-400: The time he realized what kind of a force he was opposing, it was too late. Seriously flawed communications between Frossard and those in reserve under Bazaine slowed down so much that by the time the reserves received orders to move out to Spicheren, German soldiers from the 1st and 2nd armies had charged up the heights. Because the reserves had not arrived, Frossard erroneously believed that he

9180-443: The town of Wissembourg finally surrendered to the Germans. The French troops who did not surrender retreated westward, leaving behind 1,000 dead and wounded and another 1,000 prisoners and all of their remaining ammunition. The final attack by the Prussian troops also cost c.  1,000 casualties. The German cavalry then failed to pursue the French and lost touch with them. The attackers had an initial superiority of numbers,

9288-470: The trading, and there were 112 buy and sell orders, with a turnover of only 1,990 złotys ($ 2,000). In the years 1991–2000, the stock exchange was in the building which during the previous, and then recent, Communist years had been the seat of the Central Committee of the ruling Polish United Workers' Party . This can be considered an interesting reflection on the rapid transition of Poland from

9396-425: The traditional destabilizer of Europe, and sought to weaken France to prevent further breaches of the peace. The immediate cause of the war was the candidacy of Leopold of Hohenzollern-Sigmaringen to the throne of Spain. France feared an encirclement resulting from an alliance between Prussia and Spain. The Hohenzollern prince's candidacy was withdrawn under French diplomatic pressure, but Otto von Bismarck goaded

9504-446: The various armies were almost identical, and based on the concept of conscripting annual classes of men who then served in the regular regiments for a fixed term before being moved to the reserves. This process gave a theoretical peace time strength of 382,000 and a wartime strength of about 1,189,000. German tactics emphasised encirclement battles like Cannae and using artillery offensively whenever possible. Rather than advancing in

9612-575: The war virtually without allies. The calculation was for a victorious offensive, which, as the French Foreign Minister Gramont stated, was "the only way for France to lure the wary Austrians, Italians and Danes into the French alliance". The involvement of Russia on the side of France was not considered by her at all, since Russia made the lifting of restrictions on its naval construction on the Black Sea imposed on Russia by

9720-484: The war. In the final days of the war, with German victory all but assured, the German states proclaimed their union as the German Empire under the Prussian king Wilhelm I and Chancellor Bismarck. With the notable exceptions of Austria and German Switzerland , the vast majority of German-speakers were united under a nation-state for the first time. Following an armistice with France, the Treaty of Frankfurt

9828-783: The world. The 2009 Global Dialogue was held on 2 November 2009. More than 100 top executives from around the world met at UN Headquarters in New York to explore how the world's exchanges can work together with investors, regulators, and companies to enhance corporate transparency , and ultimately performance, on environmental, social and corporate governance (ESG) issues and encourage responsible long-term approaches to investment. The SSE partners with exchanges, investors and other capital market leaders worldwide to bring capital market players together to identify, discuss and take collective action on common sustainability issues pertinent to their region or globally. These high-level events are open to

9936-464: Was PLN 30.3 billion There are fifteen indices on the WSE. 52°13′49″N 21°01′24″E  /  52.23028°N 21.02333°E  / 52.23028; 21.02333 Sustainable Stock Exchanges Initiative The Sustainable Stock Exchanges ( SSE ) initiative promoting corporate investment in sustainable development . It is a project of the United Nations (UN) co-organized by

10044-551: Was based in Królewska Street. The Warsaw Money Exchange (Giełda Pieniężna w Warszawie) was reopened after World War I in 1919 and again in 1921. Between 1919 and 1939, the Warsaw Money Exchange was by far the largest of several bourses in different Polish cities ( Katowice , Kraków , Lwów , Łódź , Poznań and Wilno ), and accounted for 95% of the volume and 65 to 85% of the transactions traded on

10152-410: Was drowned out by cries that he was a traitor and a Prussian. Napoleon's new prime minister, Emile Ollivier , declared that France had done all that it could humanly and honorably do to prevent the war, and that he accepted the responsibility "with a light heart". A crowd of 15,000–20,000 people, carrying flags and patriotic banners, marched through the streets of Paris, demanding war. French mobilization

10260-558: Was established in Warsaw by a decree of viceregent Grand Duke Constantine Romanov dated 12 May 1817. The first trading took place in the Old Town Hall on 16 May 1817 and moved in the same year to the Saxon Palace as the Old Town Hall was destroyed in the same year. Exchange trading in securities also was held in the trading house Marywil but were moved to the house of building of the Polish Central Bank in 1828 and to

10368-654: Was founded in 1874. Central Europe was subject to a big bull market after the Franco-Prussian War of 1870–1871, followed by a harsh crash starting at the Vienna Stock Exchange in the later 1870s. However, the Warsaw Mercantile Exchange constantly grew until World War I . On August 4, 1914, the Warsaw Stock Exchange was closed and was reactivated only on January 2, 1921. It operated under the name of "The Warsaw Money Exchange" and

10476-621: Was held in 2012 in Rio de Janeiro , Brazil, as part of the Global Compact Corporate Sustainability Forum. At the SSE 2012 Global Dialogue a new dimension to the Initiative was launched, with the five participating stock exchanges making a voluntary public commitment to sustainability in their markets, thereby becoming an SSE Partner Exchange. Since the event, several other leading exchanges have joined

10584-660: Was held in December 2015. World leaders gathered for the 2015 United Nations Climate Change Conference (COP21) to complete a new global agreement. This summit caps a year that has seen numerous momentous international breakthroughs, from the G20 pact on climate policy to the China-USA Joint Presidential Announcement on Climate Change. As climate plays an increasingly prominent role in the development of investment policy and regulation, it also has

10692-609: Was held on 18 June 2012 in Rio de Janeiro, Brazil. It focused on the role of the world's stock exchanges in encouraging responsible, long-term investment and creating sustainable financial markets. The event took place in the days leading up to the United Nations Conference on Sustainable Development (Rio+20) as part of the UN Global Compact ’s Corporate Sustainability Forum (CSF). The 2010 Global Dialogue

10800-507: Was held on 8 September 2010 in Xiamen , China. It took place against the backdrop of UNCTAD's World Investment Forum and the China International Fair for Investment and Trade (CIFIT) which brought together 1,500 leaders from various stakeholder groups including governments, businesses, international organizations, investment promotion agencies, civil society, and international investment experts and practitioners from across

10908-516: Was in grave danger of being outflanked, as German soldiers under General von Glume were spotted in Forbach. Instead of continuing to defend the heights, by the close of battle after dusk he retreated to the south. The German casualties were relatively high due to the advance and the effectiveness of the Chassepot rifle. They were quite startled in the morning when they had found out that their efforts were not in vain—Frossard had abandoned his position on

11016-597: Was issued in 1243 by the Cuyavien bishop Sambor. The main centers of securities tradings were at the lower Vistula , in the 14th century occupied by the Teutonic Knights . The first mercantile exchanges emerged in Gdańsk (1379), Toruń (1385), Malbork (14th century), Kraków (1405), Poznań (1429), Zamość (1590), Królewiec (1613) and Elbląg (1744). Early mercantile trade in securities emerged in Warsaw in

11124-427: Was killed in the late morning when a caisson of the divisional mitrailleuse battery exploded near him; the encirclement of the town by the Prussians then threatened the French avenue of retreat. The fighting within the town had become extremely intense, becoming a door to door battle of survival. Despite an unceasing attack from Prussian infantry, the soldiers of the 2nd Division kept to their positions. The people of

11232-536: Was mobilized and deployed. Reconnaissance by Frossard's forces had identified only the Prussian 16th Infantry Division guarding the border town of Saarbrücken , right before the entire Army of the Rhine. Accordingly, on 31 July the Army marched forward toward the Saar River to seize Saarbrücken. General Frossard's II Corps and Marshal Bazaine's III Corps crossed the German border on 2 August, and began to force

11340-558: Was occupied by German and Soviet forces and all Polish stock exchanges were closed. It was only after the end of Communism in Poland in 1989 that the Warsaw Stock Exchange could be reestablished. Much needed experience and financial aid was provided by France (especially the Société des Bourses Françaises). The WSE began activity in its present form on 16 April 1991. On the first trading day only five stocks were listed (Tonsil, Próchnik, Krosno, Kable, and Exbud). Seven brokerages took part in

11448-444: Was ordered early on 15 July. Upon receiving news of the French mobilization, the North German Confederation mobilized on the night of 15–16 July, while Bavaria and Baden did likewise on 16 July and Württemberg on 17 July. On 19 July 1870, the French sent a declaration of war to the Prussian government. The southern German states immediately sided with Prussia. Napoleonic France had no documented alliance with other powers and entered

11556-439: Was pressured by a bellicose press and public opinion and thus sought war in response to France's diplomatic failures to obtain any territorial gains following the Austro-Prussian War . Napoleon III believed he would win a conflict with Prussia. Many in his court, such as Empress Eugénie , also wanted a victorious war to resolve growing domestic political problems, restore France as the undisputed leading power in Europe, and ensure

11664-489: Was signed on 10 May 1871, giving Germany billions of francs in war indemnity , as well as most of Alsace and parts of Lorraine , which became the Imperial Territory of Alsace-Lorraine ( Reichsland Elsaß-Lothringen ). The war had a lasting impact on Europe. By hastening German unification , the war significantly altered the balance of power on the continent, with the new German state supplanting France as

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