GPW Capital Group

What GPW Capital Group does

GPW Capital Group (Giełda Papierów Wartościowych w Warszawie S.A.) is the operator of the Warsaw Stock Exchange, the largest financial exchange in Central and Eastern Europe, established in 1991 and self-listed under ticker GPW. The Group runs a multi-venue regulated market infrastructure comprising the Main Market (Główny Rynek) for 403 listed companies, the NewConnect alternative trading system with a 39-company NC Focus segment, the Catalyst bond market serving 162 issuers, GlobalConnect for foreign securities, and the BondSpot wholesale bond platform. Through its Towarowa Giełda Energii (TGE) subsidiary, GPW also operates Poland's licensed commodity exchange for electricity, gas, agricultural products, and CO2 allowances, with clearing handled by IRGiT. The Group's holding structure includes majority or full ownership of GPW Benchmark (WIG family indices and WIBOR/WIBID/WIRON reference rates), GPW Private Market (blockchain-based), GPW Logistics (AI-based TSL automation), GPW Tech, GPW Ventures, and a 72.22% stake in the Armenia Stock Exchange.

Revenue is generated through five core streams: (1) transaction and trading fees across equity, derivatives, ETF, and commodity markets, (2) one-time listing and introduction fees plus ongoing maintenance charges, (3) market data monetization including real-time quotations and historical data, (4) revenue share from KDPW/KDPW_CCP post-trading services (33.33% ownership), and (5) TGE commodity trading fees. Distribution is through licensed exchange members (brokers, banks) rather than direct-to-consumer, with GTM heavily skewed to issuer education (IPO Academy, Z Pekao na Giełdę roadshow) and investor development (Szkoła Giełdowa, Szkolna Internetowa Gra Giełdowa, WallStreet conference). Q1 2026 delivered record revenue of 168.8 million PLN, up 27.5% YoY, against a backdrop of record-setting index performance (WIG at 140,339.70) and 60 billion PLN in capital raised by 100+ issuers since January 2025.

Name

GPW Capital Group

Legal name

Giełda Papierów Wartościowych w Warszawie S.A.

Website

https://gpw.pl

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

101–250 employees

Short description

GPW Capital Group operates the Warsaw Stock Exchange, the largest financial exchange in Central and Eastern Europe, providing regulated trading infrastructure for equities, bonds, derivatives, ETFs, and commodities across multiple markets serving 400+ listed companies, 162+ bond issuers, and domestic and foreign investors, with additional technology, index, and venture capital subsidiaries.

Ownership category

akta.pro rank

Product category

Stock Exchange and Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Money Markets & Repo Trading Platforms (FSAFANAG)

akta.pro secondary industries

Analytics, Risk Models & Factor/Style Indices (FSAFAIAG), Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF)

Keywords

• Stock exchange operations
• Capital markets infrastructure
• Financial benchmark administration
• Commodity exchange services
• Market data services

Headquarters

HQ city

Warszawa

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Trading and Transaction Fees: Transaction fees from equity trading on Główny Rynek, derivatives, ETFs, structured certificates, and commodity trading on TGE. Core revenue driver tied to market volatility and trading activity.
2. Listing and Introduction Fees: Fees for admitting and introducing securities to trading on regulated markets including Main Market, NewConnect, Catalyst, and GlobalConnect. One-time fees plus ongoing listing maintenance charges.
3. Market Information Services: Sale of market data including real-time quotations, historical data, issuer reports, and specialized data packages. Key customers include data distributors, information agencies, investment firms, portals, and IT companies. GPW Benchmark also generates revenue from administering reference rates (WIBID/WIBOR/WIRON).
4. Post-Trading Services Revenue Share: Revenue from associated company KDPW/KDPW_CCP for depositary, clearing and settlement services. GPW holds 33.33% stake in KDPW.
5. TGE Commodity and Energy Trading: Revenue from TGE operations including electricity market, gas market, property rights, agricultural market, and registry services. TGE handles settlement through subsidiary IRGiT for all electricity and gas traded on Polish exchange market.

Go-to-market motion2 records

Distribution channels7 records

Marketing channels12 records

Core offering

GPW Capital Group operates the Warsaw Stock Exchange and its related capital markets infrastructure, providing regulated trading venues for equities, derivatives, ETFs, bonds, structured products, and commodities across the Main Market, NewConnect, Catalyst, BondSpot, GlobalConnect, and TGE. The group earns revenue from transaction fees, listing and introduction fees, market data services, index and benchmark administration (WIG family, WIBOR, WIBID, WIRON), and post-trading service shares from its KDPW/KDPW_CCP associate. It also runs supporting technology platforms (GPW WATS trading system, GPW Data, GPW Logistics AI tools, GPW Private Market blockchain platform) and educational programs (Szkoła Giełdowa, GPW IPO Academy, WallStreet Conference).

Product overview

GPW Capital Group operates as a multi-market exchange platform with a diversified portfolio of regulated and alternative trading venues. The core Główny Rynek (Main Market) serves as the primary platform for stocks, derivatives, and ETFs, while the group encompasses specialized sub-brands including NewConnect (SME market with NC Focus segment), GlobalConnect (international access), Catalyst/BondSpot (bond markets), and TGE (commodity/energy exchange). Supporting infrastructure includes GPW Benchmark (index administration), GPW WATS (new trading system), and GPW Tech/GPW Logistics (technology subsidiaries). Educational services through Szkoła Giełdowa and GPW IPO Academy support investor and issuer development, while GPW Ventures provides venture capital capabilities. The group also operates GPW Data for information services and manages R&D projects including TeO auction platform and Private Market blockchain platform.

Differentiator

Problem solved

Functional benefit

Brands

• NewConnect: Alternative trading market for smaller companies
• GlobalConnect
• Catalyst
• GPW WATS
• GPW IPO Academy
• GPW Benchmark
• GPW Logistics
• GPW Private Market
• Towarowa Giełda Energii (TGE)
• BondSpot

Products and services

• Główny Rynek GPW (Main Market) Primary regulated market for stocks, derivatives (futures, options), structured certificates, ETFs, investment certificates and warrants; largest capital market in Central and Eastern Europe with 403 listed companies.
• NewConnect Alternative trading system (ATS) for smaller, growing companies with lighter regulatory requirements, including the NC Focus segment of 39 qualified companies with enhanced visibility.
• Catalyst Bond market for corporate bonds, municipal bonds, cooperative bonds, treasury bonds and mortgage notes operated on GPW and BondSpot platforms with 162 issuer entities.
• BondSpot Wholesale bond market platform including Treasury BondSpot Poland for government securities trading.
• GlobalConnect Market providing access to foreign companies and ETFs listed on international exchanges including NYSE and Nasdaq.
• Towarowa Giełda Energii (TGE) Poland's licensed commodity exchange operating electricity, natural gas, property rights certificates, agricultural market, CO2 emission allowances, and registry services for certificates of origin; largest exchange in the CEE region for energy commodities.
• GPW Benchmark Licensed administrator of reference indices (WIG family, CEEplus) and reference rates (WIBID, WIBOR, WIRON) for Polish financial markets. WIBOR is the key benchmark for Polish PLN loans and derivatives.
• GPW WATS Next-generation trading platform replacing UTP, serving as critical infrastructure for all market operations with planned production launch in October 2026.
• ETF/ETN/ETC Funds on GPW 42+ Exchange Traded Products covering Polish indices, foreign indices, sectors, leveraged and inverse products, with thematic ETFs from providers including HANetf and BETA TFI.
• Szkoła Giełdowa (Stock School) Educational platform providing courses, training materials, webinars and school visit programs for investors of all experience levels.
• GPW IPO Academy 5-month educational program preparing companies for IPO, covering valuation, documentation, equity story, investor relations and regulatory obligations. Second edition completed with 25 companies, total of nearly 60 companies across both editions.
• GPW Logistics AI-powered tools for Transport-Spedycja-Logistyka (TSL) industry automation and digitization, including document security for transport operations.
• GPW Tech Builds, develops and commercializes IT solutions dedicated to the broader financial market.
• GPW Ventures Venture capital and asset management services for early-stage companies through GPW Ventures ASI S.A. and GPW Ventures Asset Management Sp. z o.o.
• GPW Data Platform Data infrastructure platform for financial and commodity market information distribution, co-funded by EU.
• Program Wsparcia Pokrycia Analitycznego (PWPA) 5.0 Analytical coverage support program providing research on listed companies, version 5.0 covering Main Market, NC Focus and Catalyst markets.

Quantifiable outcome

• 60 billion PLN raised by 100+ issuers since January 2025
• +6 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, major, strategic and minor.

• Bank Pekao S.A., Biuro Maklerskie Pekao, Pekao Investment BankingcoreGTM or Marketing Partner · 23 June 2026Joint initiative 'Z Pekao na Giełdę' (formerly 'Z Żubrem na Giełdę') - nationwide workshop series for companies considering capital market entry. 7th stop held in Sopot. Over 100 companies reached through the program.
• Baker McKenzie, GESSEL Attorneys at Law, Dom Maklerski INC, IPOPEMA Securities, Pekao Investment Banking, Datasite, PwC Polska, M+G, Trigon, White & Case LLPcoreStrategic or Co-development Partner · 22 June 2026Legal, financial, and advisory partners for GPW IPO Academy educational program. Partners represent key capital market segments including legal advisory, investment banking, financial advisory, and regulatory compliance. Second edition completed with 25 companies.
• HANetfmajorStrategic or Co-development Partner · 18 June 2026London-based European ETF provider that launched 8 new thematic ETFs on GPW Main Market covering defense, European growth, gold miners, Ukraine reconstruction, uranium, copper, midstream energy, and drones. Partnership expands GPW ETF offering from 34 to 42 products. HANetf funds are also listed on Deutsche Börse Xetra, London Stock Exchange, and Borsa Italiana.
• BETA TFI / AgioFunds TFImajorStrategic or Co-development Partner · 18 August 2025Launched first Polish quarterly dividend-paying ETF (Beta ETF Dywidenda Plus) tracking WIGdivplus index. Fund is physically replicated, buying actual index component stocks. Management fee 0.5% after June 2026, waived until then.
• Dom Maklerski BOŚmajorChannel Partner/ Reseller/ Distributor · 18 August 2025Market maker and coordinator for Beta ETF Dywidenda Plus on GPW, providing liquidity for the new dividend-focused ETF product.
• Szkoła Główna Handlowa (SGH), Akademia Leona KoźmińskiegocoreStrategic or Co-development Partner · 28 November 2024Academic partners for GPW FutureBridge leadership development program for women, preparing them for management and supervisory board positions in listed companies.
• EBOR (European Bank for Reconstruction and Development) and 7 CEE Stock ExchangesstrategicStrategic or Co-development Partner · 13 November 2024Memorandum of Cooperation signed for strengthening regional capital markets. Includes joint stance on EU Capital Markets Union consultations and regulatory advocacy.
• Stowarzyszenie Inwestorów Indywidualnych (SII)coreStrategic or Co-development Partner · 28 July 2019Co-organizer of Letnia Szkoła Giełdowa online (Summer Stock School) with 10 webinars for beginner investors covering topics from basics to dividends, ETFs, bonds, fundamental analysis, futures, psychology, and retirement accounts (IKE/IKZE).
• Dom Maklerski PKO BP, Beta Securities, Dom Maklerski BOŚ, Santander Securities, Noble Securities, INGminorGTM or Marketing Partner · 28 July 2019Media and content partners for Letnia Szkoła Giełdowa educational initiative providing expert speakers and training content on trading platforms, investment strategies, and financial instruments.
• Krajowy Depozyt Papierów Wartościowych S.A. (KDPW) / KDPW CCP S.A.coreTechnology or IntegrationAssociated company (33.33% owned) providing post-trading services including depositary, clearing, and settlement for GPW and BondSpot markets. Critical market infrastructure partner.
• Armenia Stock Exchange (AMX)strategicStrategic or Co-development PartnerSubsidiary held at 72.22% through GPW Tech. Exchange organizes financial instrument trading in Armenia. AMX owns 100% of Central Depository of Armenia for settlement services.

Scale indicators15 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• Deutsche Börse: Frankfurt-based exchange operator running Xetra, Eurex, and Clearstream. Largest direct comparable in continental Europe with diversified trading, clearing, and market data businesses, providing a benchmark for GPW's strategic development.
• Intercontinental Exchange (ICE): Owner of NYSE and operator of global commodity, credit, and equity exchanges. Relevant comparable for TGE (commodity exchange) and futures platform benchmarking.
• CME Group: Largest global derivatives exchange operator. Comparable benchmark for TGE's commodity operations and broader exchange revenue model emphasizing transaction fees and market data.
• Nasdaq Inc. US-headquartered exchange operator with Nordic exchanges (Copenhagen, Helsinki, Stockholm, Iceland) and global index/MarketTech businesses. Highly comparable exchange operator model with diversified technology and data revenue.
• London Stock Exchange Group (LSEG): Operator of the London Stock Exchange and Borsa Italiana, plus FTSE Russell index business. Comparable to GPW through equity listings, fixed income (MTS), and index administration (FTSE Russell vs GPW Benchmark).

Regional players

• Bucharest Stock Exchange: Romania's primary exchange, also part of the broader CEE regional capital markets group. Direct regional peer competing for CEE listings and foreign investor flows alongside GPW.
• Prague Stock Exchange: Czech Republic's main equity and derivatives venue. Operates within similar CEE competitive landscape, with comparable product mix (equities, derivatives, structured products) and overlapping issuer pools.

Direct peers

• Euronext: Pan-European exchange operator spanning Paris, Amsterdam, Dublin, Brussels, Milan, Lisbon, and Oslo. Multi-jurisdictional model parallels GPW's CEE footprint and provides direct comparison on cross-border listing and ETF strategy.
• SIX Swiss Exchange: Swiss exchange operator with integrated post-trade (SIX SIS, SECB) and benchmark/data services. Comparable mid-sized European exchange with similar multi-revenue-stream architecture.
• BME (Bolsas y Mercados Españoles): Spanish exchange operator acquired by SIX Group. Operates equity, fixed income, and derivatives markets plus Iberclear post-trade infrastructure, closely mirroring GPW's vertically integrated model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/GPW_WSExchange
• YouTubeyoutube.com/user/WarsawStockExchange/videos?view_as=public
• Facebookfacebook.com/GPW.WSE
• LinkedInpl.linkedin.com/company/warsaw-stock-exchange
• Instagraminstagram.com/gpw.wse

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GPW Capital Group