Brief write up of the Warsaw stock exchange. I found this and think it is a rather neat idea. It is currently a 5.9% portfolio weight.
Exchanges used to be considered an typical natural monopoly – it’s inefficient to transact across multiple venues – any investor wants to be where the liquidity and best price is. The Internet changes this, as prices can be advertised electronically / deals can be done across multiple venues, but it still isn’t quite that simple – there are things such as settlement, regulation, risk and habit which potentially make switching exchanges difficult.