Organizational structure
Who we are
The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe.
GPW Group Structure
The Warsaw Stock Exchange Group was comprised of the parent entity and three consolidated subsidiaries as of 31 December 2018 ( TGE – Polish Power Exchange, BondSpot and GPW Benchmark). GPW holds a stake in three associates. The associates: KDPW Group - the Central Securities Depository of Poland, KDPW and KDPW_CCP - a clearing house The company KDPW_CCP is 100 percent owned by Krajowy Depozyt Papierów Wartościowych S.A., Polish Raiting Agency and Centrum Giełdowe.
Warsaw Stock Exchange (GPW) is the largest national stock exchange in the CEE and a fast-growing exchange in Europe. Nearly 3 decades of experience, operational reliability and a wide range of products make GPW one of the most recognizable Polish financial institutions worldwide.
Core business of GPW Group companies
| Company name | Business profile |
|---|---|
| BondSpot S.A. | Operates trade in Treasury and non-Treasury debt securities. BondSpot is the second and the only company next to the GPW with a license to organize a regulated market in Poland. 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. TBSP is organized in the ASO formula. |
| Towarowa Giełda Energii S.A. (TGE) | The only licensed commodity exchange in Poland, operates trade in electricity, natural gas, emission allowances, property rights in certificates of origin of electricity, certificates of origin of biogas, energy efficiency certificates; operates the Register of Certificates of Origin of electricity generated from renewable energy sources, high-efficiency cogeneration and agricultural biogas as well as energy efficiency certificates; operates the Register of Guarantees of Origin; operates the Financial Instruments Market. |
| Izba Rozliczeniowa Giełd Towarowych S.A. (IRGiT, a subsidiary of TGE) | Provides clearing services for all markets operated by TGE. Authorised as a clearing house and settlement institution. |
| InfoEngine S.A. (a subsidiary of TGE) | Operates an electronic OTC commodity trading platform, provides services to electricity market participants. |
| GPW Benchmark S.A. | Organiser and administrator of WIBID and WIBOR fixings, the main money market index used for the valuation of most bank loans, derivatives and debt instruments issued in PLN. |
In addition, GPW holds 19.98% of InfoStrefa S.A. (formerly: Instytut Rynku Kapitałowego WSE Research S.A.) and 10% of the Ukrainian stock exchange INNEX PJSC. As at 31 December 2018, the Company held an interest in S.C. SIBEX – Sibiu Stock Exchange S.A. (“SIBEX”) with its registered office in Romania since 2010. The company was listed on S.C. SIBEX – Sibiu Stock Exchange S.A. The cost of the investment in SIBEX was PLN 1,343 thousand and the fair value determined at the share price was PLN 195 thousand as at 31 December 2017. SIBEX merged with the Bucharest Stock Exchange (BVB) at 1 January 2018. Following the merger, GPW holds 5,232 BVB shares at a par value of RON 10 per share. BVB is listed on the Bucharest Stock Exchange. The interest held by GPW was PLN 101 thousand as at 31 December 2018.