About the company

The biggest financial instruments exchange in Central and Eastern Europe. One of the most recognisable Polish financial institutions.


years of experience


billion of cash raised on the exchange

74 473 842 million

of turnover per year



3 000

listed instruments


domestic and international issuers


Polish capital market traditions go back to 1817, when the Warsaw Mercantile Exchange was established. Following the overthrow of Poland's former communist regime in 1989, WSE was created as a joint-stock company on April 12, 1991 by the State Treasury pursuant to the Foundation Act for Giełda Papierów Wartościowych w Warszawie SA (The Warsaw Stock Exchange Company).

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  • 1817

    The first stock exchange in Warsaw opened on 12 May 1817. Trading sessions were held between 12:00 and 13:00. In the 19th century, mostly bonds and bills were traded on the Warsaw exchange. Trading in stocks developed more broadly in the second half of the 19th century. Between the first and the second world war, exchanges in Poland operated under the President’s Ordinance on the organisation of exchanges. In addition to the Warsaw exchange, there were stock exchanges in Katowice, Kraków, Lvov, Łódź, Poznań, and Vilnius. However, the Warsaw stock exchange was of primary importance as it accounted for more than 90% of the total trading.

  • 1818
  • 1820
  • 1822
  • 1824
  • 1826
  • 1828
  • 1830
  • 1832
  • 1834
  • 1836
  • 1838
  • 1840
  • 1842
  • 1844
  • 1846
  • 1848
  • 1850
  • 1852
  • 1854
  • 1856
  • 1858
  • 1860
  • 1862
  • 1864
  • 1938

    In 1938, there were 130 securities traded on the Warsaw exchange: government, bank, and municipal bonds, mortgage bonds, as well as shares. The Warsaw stock exchange closed with the outbreak of the second world war.

  • 1867
  • 1869
  • 1871
  • 1873
  • 1875
  • 1877
  • 1879
  • 1881
  • 1883
  • 1885
  • 1887
  • 1889
  • 1891
  • 1893
  • 1895
  • 1897
  • 1945

    While attempts were made to reactivate exchanges in Poland after 1945, yet their operation was alien to the imposed system of centrally planned economy.

  • 1900
  • 1902
  • 1904
  • 1906
  • 1908
  • 1910
  • 1912
  • 1914
  • 1916
  • 1918
  • 1920
  • 1922
  • 1924
  • 1926
  • 1928
  • 1930
  • 1932
  • 1934
  • 1989

    In September 1989, the new non-Communist government began a programme of systemic transition and recreation of a market economy. The structural transition was mainly driven by privatisation and growth of the capital market. Different to the experience of other countries where privatisation proceeded within the existing structure of financial institutions, privatisation in Poland had to be accompanied by the development of the necessary capital market infrastructure. A fifty-year interval in the operation of the Polish capital market created a legal and institutional vacuum. In practice, this implied lack of experience and professional expertise, but also offered great opportunities for growth. While several alternatives were considered, the decision was made to build directly upon the models of foreign capital markets, by transposing modern legal regulations and organisational solutions. The on-going standardisation and globalization of the world capital markets did not give much chance to original local models. The adopted option had the advantage of accelerating the process and implementing the target solutions.

  • 1937
  • 1939
  • 1941
  • 1943
  • 1945
  • 1947
  • 1949
  • 1951
  • 1953
  • 1955
  • 1957
  • 1990

    Detailed procedures of modern exchange trading were prepared within months thanks to the substantive and financial contribution of France offered via SBF (Société de Bourses Françaises) and the central depository SICOVAM. Legal regulations had to be drafted from scratch as a key element of the emerging capital market. The first draft law regulating public trading in securities was prepared in July 1990.

  • 1960
  • 1962
  • 1964
  • 1966
  • 1968
  • 1970
  • 1972
  • 1991

    The Parliament adopted the Act on Public Trading in Securities and Trust Funds on 22 March 1991. This laid down the legal basis for the main institutions of the capital market: brokerage houses, the stock exchange, trust funds, and the Securities Commission as a governmental agency controlling and promoting the securities market. The Act provided that the stock exchange should ensure:

    • concentration of supply of and demand for securities admitted to exchange trading with a view to shaping a common price;
    • security and efficiency of transactions and settlements;
    • dissemination of uniform information enabling the assessment of the current value of securities admitted to exchange trading.

    Less than a month after the Sejm adopted the Act on Public Trading in Securities and Trust Funds, on 12 April 1991, the Minister of Ownership Transition and the Minister of Finance representing the State Treasury signed the founding deed of the Warsaw Stock Exchange. Four days later, on 16 April, the first trading session in the stocks of five companies was held with the participation of seven brokerage houses: 112 buy and sell orders were placed and the total value of trading was PLN 1,990 (US$ 2 thousand).

  • 1975
  • 1977
  • 1979
  • 1981
  • 1983
  • 1985
  • 1987
  • 2010

    Since 9 November 2010, GPW is a public company listed on the Warsaw Stock Exchange.

  • 1990
  • 1992
  • 1994
  • 1996
  • 1998
  • 2000
  • 2017

    FTSE Russell has announced the upgrade of Poland from Emerging Market to Developed Market status on 29 September 2017. The decision will be effective in conjunction with the FTSE Global Equity Index Series semi-annual review in September 2018. Poland has joined the 25 most developed economies of the world including Germany, France, Japan, Australia and USA. Poland is the first Central and Eastern European economy to be upgraded to Developed Market status.
    Today the Warsaw Stock Exchange is the biggest securities exchange in Central and Eastern Europe and organises trade on one of the most dynamically growing capital markets in Europe. GPW operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. GPW also develops Catalyst, a market for issuers of corporate and municipal bonds, as well as energy markets.

Strategy and Mission

Our mission is to develop effective mechanisms of capital and commodity flows by providing exchange and clearing services which are competitive in terms of quality and price and address the needs and expectations of our clients: companies, investors, and brokers.

We support economic growth and build an investment culture. We develop an international capital hub.

We ensure highest standards and safety of trading based world-class technologies.

As a team of professionals, we conduct an integrated, effective business geared to growt.

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The highest authority of the Warsaw Stock Exchange is the General Meeting of Shareholders of the Exchange. All shareholders of the Exchange are given the right to attend the General Meeting. The competences of the General Meeting include, among others, changes to the Articles of the Association and the election of members of the Exchange Supervisory Board.

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Warsaw Stock Exchange (GPW) debuted on the market of the Warsaw Stock Exchange on November 9th, 2010. Currently, the shareholder structure presents as follows:

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Best practice

Corporate governance is a set of rules of conduct, designed for both corporate governing bodies and their members, and for majority and minority shareholders.

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General meeting of shareholders

Announcement on convening an Extraordinary General Meeting of the Warsaw Stock Exchange (“Giełda Papierów Wartościowych w Warszawie S.A.”)

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Organisation structure of GPW


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Corporate governance

Statement of applications of corporate governance standards published in the annual report of GPW Group for 2019

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Exchange court settled civil disputes for property rights between participants in exchange transactions.

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The business strategy of Warsaw Stock Exchange Group is pursued in a responsible and transparent manner, in co-operation and in dialogue with all major stakeholder groups. The Company carries out its operations taking into account social, ethical and environmental factors. The main motivation for the pursued CSR (Corporate Social Responsibility) policy is to improve the quality of the Polish capital market, among others by means of educational programmes, promotion of the highest standards of corporate governance and communication, and support for co-operation and active dialogue with and among market participants.

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The Warsaw Stock Exchange was listed on GPW on 9 November 2010. The Company participates in the mWIG40 index and the Respect Index.

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The Warsaw Stock Exchange is the parent entity of the Warsaw Stock Exchange Group, whose offer includes the financial market and the commodity market.

Get to know GPW group