Business Model
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 GPW Group business model focuses on services based on two key economic markets: financial securities and commodities.
In both cases, the services offered cover the entire activity chain, from servicing issuers to post-trade services, generating value for listed companies, recipients of information and Exchange Members, and consequently for investors and the entire economy.
Operations on the financial market
Listing
Listing includes admission and introduction to exchange trading and listing of securities on the markets organised and operated by the GPW Group.
Trading
Trading encompasses trade in financial instruments on the Main Market and on GPW regulated markets NewConnect and Catalyst, and on Treasury BondSpot Poland.
The following instruments are traded on GPW markets: shares and other equity instruments including structured products, warrants, investment certificates and ETF, derivatives namely index futures, single stock futures, currency futures, interest rate futures and options and finally debt instruments: corporate, municipal and mortgage bonds as well as Treasury bills and bonds.
Information services
GPW collects, processes and sells market data from markets operated by the GPW Group.
Post-trade services
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.
Operations on the commodity market
TGE members
Seven new companies joined TGE as members and one left in 2018. TGE had 78 members at the end of 2018, an increase of 8% year on year. TGE offers regular training programmes and examinations for Exchange Brokers. Participation in training and passing an examination for Exchange Brokers authorises Exchange Members to trade on TGE. TGE completed 11 training programmes for brokers in 2018.
Trading
Commodity exchange offers trading, among others, in electricity, natural gas, emission allowances, property rights in certificates of origin of electricity, certificates of origin of biogas and energy efficiency certificates and commodity derivatives settled in cash.
Register
The Register of Certificates of Origin is a system of registration of certificates of origin confirming that energy was produced from the renewable energy sources and recording of property rights under such certificates.
Information services
GPW collects, processes and sells market data from markets operated by the TGE.
Trade reporting - TGE RRM TGE
Offers a Registered Reporting Mechanism (RRM) to electricity and gas market participants under the requirements of REMIT and its Implementing Regulations: reporting of trades on organised trading platforms as of 7 October 2015 and OTC trade reporting as of 7 April 2016. All information required under REMIT and Regulation 1348/2014 is reported for the electricity market and the gas market.
Until the end of 2018, there were:
- 22,425,539 reported operations on exchange orders,
- 10,821,259 reported exchange orders,
- 4,466,249 reported exchange transactions,
- 157,855 reported OTC transactions,
- 165,687 exchange reports sent to ARIS,
- 39,095 OTC reports sent to ARIS,
- Reporting services for 583 clients - ACER has registered 605 entities, which means that TGE reports for nearly 100% of participants of the Polish energy market,
- 1,644 users have access to TGE RRM.
Post-trade services
The Warsaw Commodity Clearing House (IRGiT), which is a subsidiary of TGE, offers clearing of transactions of TGE members on its markets. IRGiT offers also settlement of transactions and it offers the service of reporting trades on the financial market to a trade repository.
Revenue Structure of business lines in GPW Group in 2018.
GPW is a renowned institution with strong international recognition. For over 27 years, we have helped Polish and European companies to raise capital, provided education, and contributed to economic and social development.