The company, to be renamed MTS-CeTO S.A., aims to promote liquidity and integration of Polish debt with other markets in Western Europe. Two senior officers of MTS, Gianluca Garbi, chief executive officer, and Philippe Rakotovao, deputy CEO, were elected members of the MTS-CeTO Supervisory Board. They join other representatives from the Ministry of Finance, the Warsaw Stock Exchange, the Polish Primary Dealers and the Polish Banksâ Association.
"We are extremely pleased that we have cemented our partnership with MTS," said Janusz Czarzasty, Chairman of CeTO. "The Polish Treasury securities market has experienced tremendous growth in turnover over the past year. We look forward to the continued growth and development of our market with the introduction of the MTS model and network."
Gianluca Garbi, CEO of MTS S.p.A., said: "We very much look forward to delivering the benefits of the MTS system to the largest debt market in Central Europe and in integrating it with Europe, particularly with the eurozone. Through the MTS network, global participants will have direct access to Polish debt trading, promoting liquidity and a more cohesive European financial system."
MTS-CeTO aims to launch the market in October 2004, in conjunction with the opening up of Primary Dealer candidacy to non-Polish banks. Rules governing the market will be established in consultation with the Polish Primary Dealers and with the approval of the Polish Ministry of Finance. The majority of bonds traded will be denominated in Polish Zlotys with the possibility for parallel quotation of Euro-denominated bonds traded on New EuroMTS.