GPW — what is the Warsaw Stock Exchange?
GPW (Warsaw Stock Exchange) is Poland's main capital market. Learn the definition, history, indices and how to start investing on it.
Definition
GPW (Warsaw Stock Exchange) is the largest stock exchange in Central and Eastern Europe and Poland's main capital market. It's where investors buy and sell company shares, bonds, ETFs and other financial instruments.
Quick Answer
The GPW (Warsaw Stock Exchange) is Poland's main capital market and the largest exchange in Central and Eastern Europe, established on April 16, 1991. It lists over 400 companies on its main market plus hundreds more on the alternative NewConnect market, where investors trade shares, bonds and ETFs. It is supervised by the Komisja Nadzoru Finansowego (KNF) and operates as a regulated market under EU MiFID II rules. Its key indices include WIG, WIG20, mWIG40 and sWIG80, and the trading session runs from 9:00 to 17:05 on business days.
Brief history
GPW was established April 16, 1991 — as one of the first institutions of the reborn Polish capital market. The first session took place with 5 companies. Today, over 400 companies are listed on GPW's main market and hundreds on NewConnect (market for smaller companies).
Most important indices
| Index | Description |
|---|---|
| WIG | Broad market index — covers all companies from the main market |
| WIG20 | 20 largest and most liquid companies |
| mWIG40 | 40 medium-sized companies |
| sWIG80 | 80 small companies |
| WIG-Tech | Technology companies |
| WIG-ESG | Companies meeting ESG criteria |
How to start investing on GPW?
To buy shares on GPW, you need:
- Brokerage account — with a broker (XTB, mBank eMakler, Bossa, DM BOŚ)
- Funds in the account — deposit money to broker's account
- Orders — place buy orders for selected companies through broker's platform
Trading session lasts from 9:00 to 17:05 on business days.
GPW vs foreign stock exchanges
Polish investors also have access to foreign exchanges (NYSE, NASDAQ, Xetra) through their brokers. GPW offers a smaller selection of companies, but simpler tax settlement and no currency risk.
How Freenance can help?
Freenance tracks your investments on GPW and foreign exchanges in one dashboard. You see portfolio value, returns and allocation — without logging into multiple platforms.
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FAQ
When was the Warsaw Stock Exchange founded?
The modern GPW was inaugurated on 16 April 1991, shortly after Poland's transition to a market economy, with only a handful of listed companies in its first session. It traces its symbolic heritage to the historical Warsaw stock exchange that operated from 1817 until World War II.
How is GPW supervised?
GPW is supervised by the Komisja Nadzoru Finansowego (KNF), Poland's integrated financial supervision authority, which oversees issuers, brokers and market participants. KNF approves prospectuses, enforces disclosure obligations and can sanction market abuse such as insider trading or manipulation.
What is the difference between WIG and WIG20?
WIG is a broad total-return index covering essentially all companies on the GPW main market, weighted primarily by free float. WIG20 is a price index covering only the 20 largest and most liquid main-market companies, and is the primary benchmark for the Polish blue-chip segment.
Can foreign investors trade on GPW?
Yes — foreign retail and institutional investors can access GPW through brokerage firms that are members of the exchange, either Polish entities or international brokers with appropriate arrangements. Tax treatment of dividends and capital gains depends on the investor's tax residence and any applicable double-tax treaty.
How does GPW fit into the European market structure?
GPW is a regulated market under EU MiFID II rules and is the largest exchange in the Central and Eastern European region by market capitalisation. It is part of the wider EU disclosure and market-abuse regime, while operating its own rulebook, indices and post-trade arrangements through KDPW.
How do I start investing on GPW?
To buy shares on GPW you need a brokerage account with a broker such as XTB, mBank eMakler, Bossa or DM BOŚ, funds deposited to that broker's account, and a buy order placed for your selected companies through the broker's platform. The trading session lasts from 9:00 to 17:05 on business days.
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