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The paper aims to analyse both the achievements and some unfavourable phenomena which took place on the public market of shares in Poland in the period of 1991- 2005. The paper coincides with the 15th anniversary of the Warsaw Stock Exchange which is a good opportunity to sum up the achievements and the difficulties of the above mentioned period. The results of the conducted analyses indicate that in the last 15 years the public market of shares in Poland has undergone a significant transformation - from a very weak to a remarkable one as compared to other Eastern and Central European markets. On the other hand, the authoress reveals some weaknesses of this market which may influence the prospects of its future development.
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