The financial markets constitute an extremely complex network. This complexity expresses itself especially in the dynamics of cross-correlations among different assets. They reveal a permanent coexistence of collectivity and noise. The related issues are of great fundamental interest for many reasons. In the financial context they are also of practical interest in connection with the concept of the optimal portfolio.  The most natural useful formal frame to quantify the related characteristics is term of the correlation matrices. Using this formalism  the present study is based on the high frequency recordings of the price changes of all the 39 companies that ever, during the period between November 2000 and June 2005, were included into the WIG20 basket. Only 10 of these companies belonged to this basket during the whole period considered and 29 of them were continuously traded on WSE, also at the time they did not belong to WIG20. Among others this thus allows to analyse the strength and dynamics of cross-correlations inside different such combinations of stocks and the results show significant and interesting differences. In addition, this analysis is performed for various time lags which allows to detect the time scales involved in consolidation of correlations. Finally, the identified charactristics of cross-correlations in the Warsaw Stock Exchange, which commonly is considered as an emerging maket, are compared to those of the world mature markets.

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