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Prague Stock Exchange has been founded in 1992. The first trades took place on April 6, 1993 when 1 public bond, 3 other bonds, 2 allotment certificates and 1 share have been traded. In the 1990s coupon privatization has had the biggest impact on trading. Over 1500 new issues have been introduced but only a few of them have been able to attract the investors’ interest. The establishment of Czech Securities Commission which played an important role in cleaning the capital market of illiquid issues has been a crucial factor. In the last few years the biggest impact has had the introduction of foreign issues on PSE. The best-known indicator of PSE performance is the PX-50 index. More important for the investors is however the PX-D index as it follows the most liquid issues. This paper is an original study based on PSE stock exchange.

Key words: Prague Stock Exchange, evolution, market capitalization, volume, P/E ratio