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Warsaw Stock Exchange publishes a brochure on the GPW WATS trading system
The publication has been prepared for retail investors, market participants and anyone interested in learning more about the new GPW WATS trading system, which will become the technological heart of the Polish capital market on 5 October 2026. The brochure explains the key principles of the system’s operation, changes to trading arrangements and their practical implications for investors.
The brochure,“GPW WATS. The Warsaw Stock Exchange’s New Trading System”, provides an accessible overview of, among other topics, order processing, new rules for selected order types, exchange auction procedures, mechanisms supporting orderly trading and the key technological parameters of GPW WATS. Readers will also find a glossary of essential terms related to the new trading system.
GPW WATS (Warsaw Automated Trading System) is the fourth trading platform in the history of the Warsaw Stock Exchange and the first to be developed entirely in-house. It will replace the UTP system, which has been used since 2013 under a licence from NYSE Euronext. Designed to meet the needs of the Polish capital market and support its continued development, GPW WATS encompasses not only a new trading engine but also a comprehensive modernisation of the Exchange’s technological infrastructure, including data processing systems, information distribution and trading session monitoring.
The new trading platform is characterised by high performance, low latency and a scalable architecture. According to its design assumptions, GPW WATS will ultimately be capable of processing up to 100,000 orders per second, compared with 20,000 orders per second in the current UTP system. During a single trading session, it will be able to handle up to 300 million operations, with the capacity to scale up to 1 billion operations per day. The target processing latency for 90% of orders is just 50 microseconds, compared with approximately 650 microseconds in the existing platform
The brochure forms part of the information and educational activities conducted by the Warsaw Stock Exchange ahead of the launch of the new trading system. Its purpose is to help market participants better understand both the technological aspects of the project and the changes that may affect the day-to-day submission and execution of orders.
The publication is available free of charge at gpw.pl.
GPW WATS. New trading system - download brochure (PDF)
