Welcome to the Exchange Members section

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

Stock Exchange Members

An exchange member is an entity which pursues direct activities in the trading in financial instruments on the exchange.

Eligible as an exchange member of the Warsaw Stock Exchange is any entity which meets the criteria laid down in the GPW regulations including:

  • it operates a brokerage business,
  • it is a legal entity (no natural person may become an exchange member),
  • it safeguards the proper performance of the obligations of an exchange member,
  • it ensures safe trading in securities listed on the exchange,
  • it ensures proper clearing of transactions on the exchange.

How to become a stock exchange member
List of stock exchange members
Stock exchange members share in trading
Information requirements for exchange members

Market makers and issuer market makers

Market makers and issuer market makers work to support the liquidity of trade in financial instruments.

Both market makers and issuer market makers operate on GPW

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

Market makers
Market Makers - Incentive programmes
Issuer market makers


GPW has introduced two liquidity support programmes. HVP is addressed to traders who invest their own funds. HVF is addressed to investment funds with a high turnover in the portfolio.


Information materials

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

UTP Services
UTP Documentation
Mifid II - Specification
Block trades (PDF)

Supporting partners

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

The links below refer to lists of entities in those three categories partnered with the Warsaw Stock Exchange.

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


Brokers are individuals designed by an exchange member to submit, modify and cancel broker’s orders on the exchange under the applicable regulations. Exchange brokers of an exchange member are supervised by a supervising broker responsible for supervision, verification, controlling of procedures and admission of exchange brokers to the submission of orders.

Supervising Broker
Exchange Broker
Exchange Broker Examinations
Code of brokerage good practice