Capital valuation or revenue increasing: The main goal of current exchanges

Traditional role of Stock Exchange focused on valuation of capital assed by maximize supply and demand.  In last years of XX century all capital markets around the World started new process of demutualization. Few of them there listed on own markets (like London Stock Exchange or Deutsche Boerse) other start process of merger (like Paris, Amsterdam, Brussels and Lisbon which created EUROENXT alliance).  In recent years exchanges open new episode in they own history – they are creating global alliance (NYSE-EURONEXT with Deutsche Boerse or London Stock Exchange with Toronto Stock Exchange). Currently, exchange are focus on maximize profits and value for stakeholders. Now we have a question: What is main role of modern exchanges: valuation of capital or increasing of revenues?

This paper is showing analysis of different market and financial indicators for Warsaw Stock Exchanges before public offer and after. In survey we used different methods of taxonomy analysis. Results, which we obtain don’t give clear answer about current role of Warsaw Stock Exchange.