Globalisation is gasping for air. Even within the united economic block of the European Union, certain interests often take precedence over the common good of the community. One example is the so-called mobility package, which has reduced production mobility and increased logistics costs for EU residents.
The splendour of community in times of peace and prosperity is fading. In turbulent and stormy times we discover just how important cooperation is. Russia’s attack on Ukraine is the greatest test of international solidarity that the transatlantic community has faced since World War 2. Individual states are supporting the efforts of the Ukrainian people to oppose Russian imperialism with varying levels of intensity and commitment.
Capital market institutions reacted quickly and decisively. The Moscow Stock Exchange was excluded from the Federation of European Securities Exchanges (FESE) and its membership in the World Federation of Exchanges (WFE) was suspended. Certain stock exchanges have become involved in humanitarian aid and implementing the international economic sanctions imposed on Russia and those who support Putin’s regime.
The Warsaw Stock Exchange is in a unique situation. Companies accounting for approximately 75% of the MSCI Ukraine index are listed on our trading floor. We also have very close working relationships with the regulator and supervisor of the Ukrainian capital market. We were planning a number of joint ventures, including with respect to the commodity market. We have decided to allocate 0.25% of last-year’s revenues to help war refugees. We have provided material assistance to our Ukrainian partners, supported employees of the WSE Capital Group who are hosting Ukrainian refugees in their homes, and held a charity auction. We have also created a co-working space for fintechs and are co-financing their temporary relocation to our office.
What stands out most for me, however, is the selfless help our employees have offered. Almost half of them have volunteered to help Ukraine in its fight. I am happy to be part of this community.