Exchange Members

This section presents detailed information about exchange members, market makers, independent software vendors (ISVs), brokers, the UTP system and promotions.

Exchange Members

An exchange member is an entity whose business is directly related to trading financial instruments on the exchange.

Any entity meeting criteria laid down in the GPW regulations can become a member of the Warsaw Stock Exchange; the eligible entity must:

  • operate a brokerage business,
  • be a legal entity (no natural person may become an exchange member),
  • safeguard proper performance obligations of an exchange member,
  • ensure safe trading of financial instruments listed on the exchange,
  • ensure proper clearing of transactions on the exchange.

How to become an exchange member
List of exchange members
List of Exchange Members - Regulation S / Rule 144A
Exchange members’ share in trading
Information requirements for exchange members
Fees charged to exchange members

Market makers

Market makers effectively support trade liquidity in financial instruments.

GPW allows for two types of market makers: market makers and issuer market makers.

A market maker is an exchange member or another entity which has agreed, under an agreement with GPW, to trade on its own account in order to support liquidity of a financial instrument.

An issuer market maker is an exchange member or another entity which has agreed, under an agreement with an issuer of a financial instrument, to support liquidity of the given financial instrument.

Market makers and issuer market makers are not allowed to submit orders which, once executed, would result in a transaction where the market maker or issuer market maker would be both the selling and the buying party of the same executed order.

Market makers
Market Makers - Incentive schemes
Issuer market makers

Incentive Schemes

GPW has introduced two liquidity support schemes. HVP is dedicated to proprietary traders. HVF is dedicated to investment funds with a high turnover in the portfolio.

Incentive Schemes

Information materials

This section presents a description of technology services provided by GPW and information about block trades.

UTP Services
UTP Documentation
Mifid II - Specifications
Block trades

Supporting partners

Supporting partners include ISVs (Independent Software Vendors), External Administrators and Telecom Operators.

The links below list entities from the above mentioned categories which partnered with the Warsaw Stock Exchange.

Independent Software Vendors (ISVs)
List of External Administrators
List of Telecom Operators


Brokers are individuals designated by an exchange member to submit, modify and cancel orders on the exchange under the applicable regulations. An exchange member’s brokers are supervised by a Supervising Broker. The Supervising Broker is responsible for supervision, verification, control of procedures and authorizing brokers to submit orders.

Supervising Broker
Exchange Broker/Trader
Supervising Broker Examinations
Broker code of good practice (Polish version)