What is the GPW?
GPW is the Warsaw Stock Exchange, Poland’s central marketplace for trading stocks, bonds, funds, and derivatives.
Overview of GPW
GPW, short for Giełda Papierów Wartościowych w Warszawie S.A., operates Poland’s primary capital market. It provides platforms for primary and secondary markets, supports listing and trading, and is part of the GPW Group, which includes multiple market segments such as the Main Market, NewConnect, and Catalyst. It relies on modern technology to connect Polish and international investors and is regulated by the Polish financial authority KNF.
Market segments on GPW
The exchange organizes trading through several markets tailored to different company sizes and instruments. Here is how GPW partitions its offerings:
- Main Market (Główny Rynek) – for large, established companies with higher liquidity.
- NewConnect – a growth market for smaller, innovative firms with more flexible listing requirements.
- Catalyst – the spot for corporate and government bonds and other debt securities.
- Derivatives market – trading of futures and options on indices and single stocks.
- ETFs and investment funds – lists of exchange-traded funds and mutual funds on GPW.
These segments help investors choose risk and liquidity profiles while enabling firms to raise capital across different stages of growth.
How to trade on GPW
Trading on the GPW happens through licensed brokers who are members of the exchange. Here are the typical steps to participate in the market:
- Open a brokerage account with a broker authorized to trade on GPW.
- Complete identity verification and understand the broker’s fees and margin rules.
- Fund the account and place buy or sell orders through the broker’s trading platform.
- Trade is cleared and settled through the central systems (KDPW and GPW’s clearing infrastructure).
Always consult with your broker about execution, liquidity, costs, and risk management before trading.
Key indices and products
GPW maintains several benchmark indices and a range of tradable products to reflect market performance and offer investment opportunities:
- WIG20 – the main blue-chip index comprising Poland’s largest and most liquid companies on the Main Market.
- mWIG40 – a mid-cap index tracking mid-sized Polish firms.
- sWIG80 – a small-cap index representing smaller Polish companies.
- WIG – the broad all-share index for listed companies on GPW.
- Derivatives on WIG20 – futures and options enable hedging and speculation on index movements.
These indices are widely used by investors to benchmark performance and to structure ETFs, funds, and derivative strategies on GPW.
Investor protections and safety mechanisms
As a regulated market, GPW operates under Polish law and EU financial market rules, supervised by the Polish Financial Supervisory Authority (KNF). It enforces listing standards, market surveillance, and post-trade settlement to protect investors and maintain market integrity.
Regulation and access
GPW is subject to Polish and European Union regulation, with oversight by KNF and alignment to EU market standards. Investors should understand the regulatory framework, disclosure requirements, and the role of KDPW in settlement to manage counterparty risk.
Recent developments
In recent years GPW has digitalized more services, broadened access for domestic and international investors, and encouraged more listings on NewConnect and Catalyst to support Polish companies seeking capital. The exchange continues to update trading technology, data services, and market rules to keep pace with global markets.
Summary
The GPW, or Warsaw Stock Exchange, is Poland’s primary capital market platform for trading equities, bonds, funds, and derivatives. It operates through multiple segments—Main Market, NewConnect, and Catalyst—and offers a range of indices and derivative products that help investors manage risk and seek opportunity within a regulated, EU-aligned framework. For the most current details on hours, products, and rules, consult the GPW’s official channels or your licensed broker.
