First out of the gate was the Warsaw Stock Exchange, which went public on November 9. The IPO of 30% of its total shares was 25 times oversubscribed. The capitalisation based on the price for institutional investors is Z1.9bn ($667m) and the total offering is valued at Z1.2bn ($421m).

Next might be the Russian Trading System (RTS), which has decided to prepare an IPO in 2011 and to float its shares on its own market.

The third is Mercado a Término de Buenos Aires. The Argentine agricultural commodities exchange plans to quote its shares publicly for the first time, the chief executive Gustavo Picolla told FOW. The firm’s shares only trade privately now, over telephone markets. Picolla explained that Matba would not issue shares and that only the 400 shares that make up its capital will be quoted.