Description of the GPW Group

The GPW Group includes the leading institutions of the Polish capital and commodity market. It is one of the biggest exchanges in Central and Eastern Europe. The parent entity of the Group is the Warsaw Stock Exchange (“GPW”), which organises trade in financial instruments and pursues a range of educational initiatives to promote economic knowledge of the general public. GPW is the key source of capital for companies and local governments in the region, contributing to dynamic growth of the Polish economy, creation of new jobs, international competitiveness of Polish businesses and the resulting affluence of Poles. Presence on the capital market provides Polish companies with additional benefits including enhanced visibility, credibility, efficiency and transparency in governance.

GPW is a vibrant renowned institution with strong international recognition. For 25 years, we help Polish and European companies to raise capital, provide education, and contribute to economic development.

The Warsaw Stock Exchange has the biggest capitalisation of all exchanges in Central and Eastern Europe at EUR 168 billion. It is one of the biggest markets in Europe and lists 890 domestic and foreign companies. It attracts new issuers every year, which ranks GPW the third biggest market in Europe on a par with the Spanish exchange BME as measured by the number of IPOs. Capital raised by companies on GPW in 2017 was EUR 1.8 billion, ranking GPW eighth in Europe.

Capitalisation of CEE exchanges at 2017 YE [EUR billion]

Source: FESE, WFE

Number of companies listed on European exchanges at 2017 YE

Source: FESE, WFE

Value of IPOs on European exchanges in 2017 [EUR million]

Source: PwC, IPO Watch Europe 2017

Number of IPOs on European exchanges in 2017

Source: PwC, IPO Watch Europe 2017

Towarowa Giełda Energii S.A. (TGE), GPW’s 100% subsidiary, is a pioneer of innovation in trade in exchange-listed commodities. TGE operates markets for the biggest energy companies in Poland. In addition to trade in electricity, the commodity market also offers trade in natural gas and property rights in certificates of origin. TGE also operates a Register of Certificates of Origin and a Register of Guarantees of Origin. Through the subsidiary Izba Rozliczeniowa Giełd Towarowych (IRGiT), TGE clears transactions on the TGE commodity and financial markets.

TGE’s product offer is similar to the product range of the most advanced commodity exchanges in EU Member States. The volume of trading in electricity and gas makes TGE the biggest exchange in the region and a major European market. Considering that TGE products are offered only for the Polish market while many European exchanges pool trade from many national markets on a shared platform, TGE’s volume of trading confirms its strong position.

Post-trade services for the financial market operated by GPW and BondSpot, including depository, clearing and settlement services, are offered by GPW’s associate, Krajowy Depozyt Papierów Wartościowych S.A. (KDPW), and its subsidiary KDPW_CCP S.A.