Structure of the capital group
Who we are
The GPW Group includes the leading institutions of the Polish capital and commodity market. It is the biggest exchange in Central and Eastern Europe. The parent entity of the Group is the Warsaw Stock Exchange (“GPW”), which organises trading 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.
The TGE Group includes three companies: Towarowa Giełda Energii (TGE), InfoEngine, and Izba Rozliczeniowa Giełd Towarowych (IRGiT). Our companies provide a comprehensive range of services to existing and prospective TGE Members. A member of the GPW Group since February 2012, TGE organises trading on one of the fastest developing capital markets in Europe. The commodity market generates about 40% of revenue of the GPW Group. This is possible thanks to the broad range of services offered by TGE and its subsidiaries, which operate as a one-stop-shop for existing Members. 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 market. 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 on the Polish market while many European exchanges come from a few 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 S.A.), and its subsidiary KDPW_CCP S.A.
In 2020, the structure of the GPW Group was enlarged by two newly established subsidiaries: Ventures Asset Management Spółka z o.o, a subsidiary of GPW Ventures ASI S.A., and GPW Ventures Asset Management sp. z o.o. S.K.A. first company manages investment funds in the form of Alternative Investment Companies which it plans to set up jointly with external professional financial and industry investors. The second company is the first alternative investment fund (ASI) managed by GPW Ventures Asset Management sp. z o.o., set up for the investor: Krajowy Ośrodek Wspierania Rolnictwa (KOWR), with an Agricultural Technology investment profile.
GPW Group and associates and joint venture company
Business profile of GPW Group companies
| Subsidiary | Business profile |
|---|---|
| BondSpot S.A. | Operates trade in Treasury and non-Treasury debt securities. Treasury BondSpot Poland, operated by BondSpot, is the electronic wholesale market in Treasury securities authorised by the Ministry of Finance and a part of the Treasury Securities Dealers system in Poland. |
| Towarowa Giełda Energii S.A. (TGE) | The only licensed commodity exchange in Poland authorised to operate a regulated market. TGE is supervised by the Polish Financial Supervision Authority to the extent of trade on the market it operates, including markets in electricity, natural gas, property rights, and CO2 emission allowances. Since March 2020, TGE organises trade in agricultural commodities. |
| Izba Rozliczeniowa Giełd Towarowych S.A. (IRGiT, subsidiary of TGE) | Provides clearing services for all markets operated by TGE. Authorised as a clearing house and settlement institution. |
| InfoEngine S.A. (subsidiary of TGE) | Operates an electronic OTC commodity trading platform, provides services to electricity market participants. |
| GPW Benchmark S.A. | Licensed administrator of benchmarks on regulated markets (WIG Exchange Index Family, CEEplus) non-interest-rate benchmarks (TBSP.Index), and interest rate benchmarks including the WIBOR and WIBID Reference Rates – WIBOR is a critical benchmark of systemic importance on the Polish money market, used in valuations of most bank loans, derivatives and debt in PLN. |
| GPW Ventures ASI S.A. | The company is a fund of funds and invests assets of many investors in venture capital (VC) funds, mainly funds which plan to invest in microfirms and SMEs or divest through pre-IPOs and IPOs. |
| Ventures Asset Management Spółka z o.o. (subsidiary of GPW Ventures ASI S.A.) | The company manages investment funds in the form of Alternative Investment Companies which it plans to set up jointly with external professional financial and industry investors. |
| GPW Ventures Asset Management sp. z o.o. S.K.A. | The company is the first alternative investment fund (ASI) managed by GPW Ventures Asset Management sp. z o.o., set up for the investor: Krajowy Ośrodek Wspierania Rolnictwa (KOWR), with an Agricultural Technology investment profile. The company was registered in the National Court Register on 28 January 2021. |
| GPW TECH S.A. | The core business of the company is to build, develop and commercialise IT solutions supporting dedicated to the financial market. |
Business lines and product offer of the GPW Group
The GPW Group comprised GPW S.A. and 8 consolidated subsidiaries as at 31 December 2020. GPW also holds stake in 3 entities, including assosiates and jointly controlled entities
What makes us different?
The Warsaw Stock Exchange has the biggest capitalisation of all exchanges in Central and Eastern Europe at EUR 146 billion. It is one of the biggest markets in Europe and lists 806 companies, including 752 domestic companies and 54 foreign companies. The WSE accounts for approximately 95% of the trading in shares of Polish companies The Warsaw Stock Exchange focuses on development and pursues the Strategy #GPW2022 by expanding its product offer and undertaking innovative projects including new technologies. GPW is an attractive platform for companies from the new technology sector, including from the gaming industry. With 51 gaming companies listed on the GPW markets at the end of 2020, GPW ranked #1 globally. The industry index WIG GAMES gained 53.9% during the year.
GPW is also involved in the development of ESG in Poland. In May 2021, GPW in cooperation with the European Bank for Reconstruction and Development published "Guidelines for ESG Reporting. A guide for companies listed on the Warsaw Stock Exchange ”.
Capitalisation of CEE exchanges (stock markets) at 2020 YE [EUR billion]
Source: FESE
Number of domestic and foreign companies listed on European exchanges at 2020 YE
Source: FESE