GPW
Group

Warsaw Stock Exchange is the largest stock exchange of financial instruments in the region of Central and Eastern Europe and rapidly growing exchange in Europe.

It operates markets in stocks and bonds of nearly one thousand domestic and international issuers. The GPW Group also offers trade in derivatives, structured instruments, and information services.

The Group operates a commodity market including one of the most liquid electricity markets in Europe. Close to 25 years of experience, operational excellence and a wide range of products make GPW one of the most recognised Polish financial institutions world-wide.

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WSE Group

Structure of the GPW Group
and affiliates

Subsidiaries

TGE
100%
BondSpot S.A.
96,68%
GPW Benchmark S.A.
100%
Instytut Analiz i Ratingu S.A.
100%

Affiliates

KDPW S.A.
33.33%
Centrum Giełdowe S.A.
24.79%
AQUIS EXCHANGE
26.33%

Business lines

  Financial market

Rotation
Trading

GPW organises trade in stocks, equity-related instruments and other cash instruments on the Main Market and NewConnect (i.e., structured certificates, ETFs, warrants, investment certificates). The Main Market also offers trade in derivatives. It is the biggest derivatives market in Central and Eastern Europe. For many years now, WIG20 futures have been the most liquid instrument and they generate the biggest volume of trade. The value of trade and the number of listed instruments make GPW one of the fastest growing European regulated markets and alternative markets operated by exchanges, as well as the biggest national exchange in Central and Eastern Europe.

Corporate, municipal, co-operative, Treasury and mortgage bonds are traded on the Catalyst market operated by GPW and BondSpot. Wholesale trade in Treasury bonds is organised by Treasury BondSpot Poland.

Support issuers
Listing

Listing includes admission and introduction to exchange trading and listing of securities on markets organised and operated by the GPW Group. The IPO and SPO activity of investors ranks GPW the fourth biggest exchange in Europe.

Sale information
Information services

GPW collects, processes and sells market data from the markets operated by the GPW Group. The status of GPW as the original source of information on trading and its strong brand and diversified business activity within the GPW Group enable the Company to successfully reach various groups of market participants with advanced information adjusted to individual needs. The main clients using information provided by GPW are specialised data vendors who deliver the data made available by the Company in real time to investors and other market participants. Amongst the vendors there are information agencies, investment firms, internet portals, IT companies and other entities. Since 2016, GPW also offers non-display data. In addition to quotation data, the Company also provides data vendors with reports of issuers listed on NewConnect and Catalyst.

  Commodity market

Rotation
Trading

Since Q1 2012, the Group organises and operates trade on markets of the Polish Power Exchange (POLPX) including the Energy Market, the Property Rights Market, and the CO2 Emission Allowances Market. POLPX also operates a Register of Certificates of Origin for electricity produced from renewable energy sources and a Register of Certificates of Origin or property rights to certificates of origin. Guarantees of origin of energy are a part of the EU’s environmental policy aiming to disclose the types of sources and fuels used to produce electricity.

The volume of trade in electricity on POLPX positions the Polish exchange as one of the largest players in the region and a major player in Europe. Considering that the products offered on POLPX come from the Polish market alone while other European exchanges combine the volume of trade from many countries, the volume of trade on POLPX confirms its strong and stable position in Europe.

Keeping the register RGP
Operation of the Register of Guarantees of Origin

POLPX operates the Register of Guarantees of Origin which registers energy from renewable sources and OTC trade in environmental benefits of its production. Unlike certificates of origin, guarantees do not involve property rights or a support scheme for renewable energy sources: they are issued for information only. There is no obligation to acquire guarantees but they can be used by entities to prove that a certain quantity of consumed energy was generated from renewable sources. POLPX offers trade in guarantees of origin of energy since November 2014.

Services post-trading business
Post-trade services

The Warsaw Commodity Clearing House (IRGiT), which is a subsidiary of POLPX, offers clearing of transactions of POLPX members on its markets. It clears trade in exchange-traded commodities and financial instruments other than securities. IRGiT was established in 2010 as the first clearing house in Central and Eastern Europe to accept the entire risk of default. Now IRGiT clears the entire volume of electricity and gas sold on the Polish exchange market. IRGiT uses state-of-the-art IT systems and a proprietary settlement model, clears and settles trade on the POLPX Financial Instruments Market which offers trade in TGe24 index futures and financial instruments based on gas.

As a service complementary to the clearing of commodity-based financial instruments, IRGiT reports trades on the financial market to a trade repository. IRGiT is also ready to clear forward trade in RES Property Rights.

KDPW offers post-trade services for financial instruments which are securities.

GPW Group strategy

  • 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 growth.
Discover GPW’s strategy 2014-2020