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Eligible to enrol in the 2021-2023 edition of the Programme are companies listed on the Main Market and NewConnect as at 31 May 2021 (other than WIG20 participants) which have not been covered by analysts in the last 12 months or have been covered by no more than one analyst (covered by reports including valuation and indicative recommendations). Additional criteria include company capitalisation of at least PLN 50 million (as at 31 May 2021) and free float over 20% (as at 31 May 2021). The specific selection criteria for participants are defined in the Programme regulations available at www.gpw.pl/gpwpa.

Analytical reports prepared in Programme 1.0 and Programme 2.0 are available on the GPW website and the websites of Exchange Members, and are distributed by the biggest local and international agencies and industry media. More than 750 analytical reports have been published in the Programme in 2019-2021.

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History of the WSE
On 12 May 1991, the then Ministers of Ownership Transformation and Finance signed the Deed of Incorporation of the joint stock company "Giełda Papierów Wartościowych w Warszawie S.A." Four days later, on the day of the WSE's inaugural session, shares of five companies were traded and the turnover amounted to PLN 1990. Since 2018, the WSE has been classified as one of the 25 developed markets by the FTSE Russell agency. The history of the capital market on Polish soil dates back to the early 19th century. The first in Poland and one of the few in Europe, the Merchant Exchange, was established in Warsaw on 2 May 1817, soon became the largest market in Tsarist Russia, responsible for 5-6% of global securities trading. A thriving stock exchange, accounting for 90% of the domestic turnover, also operated in Warsaw in the interwar period. After the period of the People's Republic of Poland and the planned economy, it was not until 1989, with the political and economic transformation, that the Polish capital market was able to develop again.
 
Stock exchange today
The average session trading volume on the WSE is now around PLN 1.2 billion. The Main Market lists 434 companies (383 domestic and 51 foreign) and the NewConnect market lists 376 companies (372 domestic and 4 foreign). Last year, the WSE Group generated record sales of PLN 403.8 million and one of the highest ever net profits of over PLN 151 million. According to the Federation of European Securities Exchanges, in 2020 the WSE ranked first in Europe in terms of percentage increase in equity turnover and third in terms of the value of initial offerings. At the end of 2020, the WSE was also the second market in Europe in terms of liquidity and achieved the status of world leader in terms of the number of listed companies in the gamedev sector.
 
WSE position in the region
The WSE is the leader among stock exchanges in Central and Eastern Europe by the number of listed companies and the total capitalisation of domestic companies. The WSE's share in trading on stock exchanges in the region is 81%. The WSE leads the initiative of the Three Seas Stock Exchanges and aspires to the role of a regional hub for young technological companies with huge potential, the so-called unicorns. Negotiations are currently underway for the WSE to acquire a majority stake in the Armenian Exchange.

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The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl