The Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A., or GPW) is the principal securities exchange in Poland and the largest capital market infrastructure provider in Central and Eastern Europe. The company operates through two primary business segments: the Financial Market and the Commodity Market. The Financial Market, which generates the majority of the group's revenue (approximately 64% in 2024), encompasses trading in equities, derivatives, and fixed-income securities on the Main Market, as well as the NewConnect alternative trading system for smaller growth companies and the Catalyst bond market. This segment also includes listing fees and the sale of market data. The Commodity Market (accounting for roughly 33% of revenue) operates primarily through GPW's subsidiary, the Polish Power Exchange (TGE), facilitating the trading of electricity, natural gas, and property rights. GPW plays a central role in the Polish economy by providing capital access to domestic and regional enterprises. Upgraded to Developed Market status by FTSE Russell in 2018, the exchange continues to expand its product offerings, including the recent introduction of exchange-traded products (ETPs) and ETFs, to attract a broader base of international and retail investors.
