The option calculator (“Calculator”) has been developed for individual investors for educational purposes. The Warsaw Stock Exchange (“GPW”) has made best efforts to ensure that the Calculator computations are complete and true; however, there can be no guarantee that they are correct and that information from external sources is consistent with the factual or legal circumstances, and GPW has no liability for any losses caused by any use of such computations. Data generated by the Calculator are not an offer to buy or sell any financial instruments or investment services and cannot be considered a recommendation to invest in any financial instruments.
Dynamical character of financial markets implies a raising need for market data. Warsaw Stock Exchange provides complete trading information offered via advanced technological solutions for the purpose of display and non-display usage. It meets various needs of entities operating on financial markets, such as data vendors, entities using data for purposes of automated trading, risk management, quantitative analysis, fund administration, portfolio management or the generation of trading signals to support manual trading activities.
Each company that intends to offer its clients access to real time market data or wishes to use WSE market data internally for non-display purposes is required to sign the Market Data License Agreement.
Wide range of market data customized to meet the needs of diverse entities enables access to various financial instruments that are listed on:
Wide range of offered data includes WSE main market, NewConnect, Catalyst, Treasury BondSpot, Polish Power Exchange and GPW Benchmark. A distributor may receive data directly from WSE or as a subdistributor that is connected via another WSE distributor (WSE does not assist in such cooperation, however, its terms needs to comply with Market Data License Agreement that each data distributor signs with WSE).
Real time market data disseminated via feed to data vendors that provide WSE market data as their own services and disseminate it to subvendors and their subscribers. Real time market data is used mainly for enhancing investment decisions. Real time data vendors are entieties such as news agencies, brokerages, web portals and software companies.
Real time market data non-display usage
Real time market data usage in non-display applications for automated trading, risk management, quantitative analysis, fund administration, portfolio management, generation of trading signals to support manual trading activities, operating systematic internalisers and trading platforms i.e. MTFs.
Delayed data has a 15 minutes lag in comparison with the real time data feed.
If a company intends to offer its clients an access to delayed data (with 15-minute delay), it is first obliged to sign the Market Data License Agreement with WSE (the same as in case of real time data distribution).
In this case the data distributor pays only an annual fee and thereafter is allowed to distribute delayed data to unlimited number of subscribers and to disseminate it on his publicly available Internet pages.
The Stock Exchange shall notify the Licensee of adjustments to the Fee Schedule at least ninety (90) days before the effective date of the change. The Stock Exchange may introduce changes to the Fee Schedule on shorter notice (for example to reduce Fees or introduce alternative Fee structures).
Annual fee is invoiced immediately after signing Market Data License Agreement. Its amount depends on a way of receiving the data from WSE, range of information and usage purpose.
Fees for the full range of data:
Available as real time or delayed data
Directly from WSE – 120 000 PLN
Indirectly (as subdistributor) – 82 000 PLN *
Used in non-display applications for the purpose of:
automated trading – 60 000 PLN
risk management, quantitative analysis, fund administration, portfolio management or the generation of trading signals to support manual trading activities – 20 000 PLN
* The difference between the distributor and subdistributor fee results from the fact that the distributor, receiving data directly from WSE, is charged both technical and distribution fee, while the subdistributor is charged only distribution fee.
If a data distributor provides its subscribers with the real time data, he is also obliged to pay a monthly fee for each subscriber receiving the real time data. This fee does not depend on the actual time of accessing the exchange data by the subscriber (within this fee the subscriber may access the data during all trading sessions within the given month). The fees are differentiated considering the type of subscribers (individual, legal person, brokerage - member of WSE) and the range of data.
Alternative ways of charging for the real time data are as follows:
per number of requests to the database
The data distributor receives the information from WSE and then places it in a database accessible for its subscribers. The clients send queries about particular instrument (or a group of securities) to the database via Internet (using appropriate software provided by the distributor). The client pays for every query regarding particular security (according to the fee schedule).
per time of access to the database
WSE charges the distributor for actual time (calculated in hours) when his client is logged into the database and has access to the real time market data.
A distributor willing to offer above mentioned solutions to their subscribers should operate a billing systems, guaranteeing that the fees are precisely calculated and the process of using real time data by clients is under an effective control.
Number of instruments covered and the total turnover of instruments covered
Number of instruments
(as of 30.09.2019)
Turnover Q1-Q3 2019 (PLN)
Regulated market – stocks and rights to shares
152 516 012 166,41
Regulated market (GPW and BondSpot) – bonds
1 268 137 688,54
Regulated market - derivatives
147 854 198 937,53
ASO - stocks
1 077 365 913,02
ASO (GPW and BondSpot) – bonds
978 070 305,73
To determine the costs for any activities, the WSE has chosen the Activity-Based Costing and the cost centre accounting as the base of accounting methodology. The results of chosen ABC methodology are identifying activities in the organization and assigns a cost of each activity and product. By using Activity-Based Costing the WSE is able to produce more accurate costing for each of the providing activities.