CompetitorsNarrow moat

GPW (GPW) — moat facet

No company may run a rival regulated market in Poland — so GPW's real competitors are a savings account, a foreign broker, a foreign listing venue and a private contract, and it loses to the first of them decisively.

No other company may operate a regulated securities market in Poland. In the ordinary sense of the word, GPW has no competitors.

Household financial assets held in cash and depositsPoland>50%EU average31%Sweden12%The highest share among large EU economies. This is the competitor, and it has been winning since 1991.
No rival exchange may operate in Poland. The contest is for savings, and a deposit account keeps winning it.

An exchange competes for the money that might become orders and for the companies that might become listings, and on both it faces opponents that are not exchanges.

The largest is the bank deposit. More than half of Polish household financial assets sit in cash and bank accounts, against an EU average of 31 percent and 12 percent in Sweden1. Money is starting to move: net inflows into Polish investment funds were 51,8 billion złoty in 2025, after outflows of 23,2 billion in 20222. The government's Personal Investment Account starts on 1 January 2027, with tax-free investment up to 100 000 złoty3.

The second is the broker that routes Polish savings abroad. Retail investors were 13 percent of Main Market turnover in 2025, down from 16 percent in 202345, while the number of securities accounts rose by a record 564 900 to 2,54 million6. XTB, the largest broker, is listed on GPW and worth about four times the exchange78.

The third is the foreign venue a Polish company might have chosen, and the fourth, in the commodity business, is the bilateral contract a power producer can sign without an exchange. Each has its own page below.

Moat trajectory: Widening

The legal monopoly is unchanged and the contests that matter have all moved GPW's way at once. Brokerage accounts rose by 500 000 to about 2,5 million, ETF turnover more than doubled on a zero-fee programme, foreign institutions arrived in size, and the state is launching a tax-free investment account aimed squarely at the deposit pile. None of that beats a bank deposit yet. All of it points in the same direction for the first time in a decade.

The number that tests this moat
Reported
Retail investors' share of Main Market turnover
13% in 2025, from 16% in 2023

Polish savers are the market's missing participants; a rising share after OKI launches in 2027 would show the deposit being won.

Source: GPW 2025 and 2024 Management Board reports ↗
Dig deeper
DIG DEEPER 01
The Bank Deposit
The most formidable competitor this exchange has faced pays about two percent and requires no decision: more than half of Polish household wealth sits…
DIG DEEPER 02
The Exchanges Poland's Companies Could Have Chosen
Warsaw does not lack global investors, who are 70% of turnover; what it lacks is their listings.
DIG DEEPER 03
XTB and the Brokers That Never Route an Order to Warsaw
The largest Polish retail broker is listed on GPW and worth roughly four times the exchange — a rival that pays a listing fee while forming a…
DIG DEEPER 04
The Bilateral Contract
TGE's real competitor is two companies signing privately with nobody in between — which is precisely why the state once made exchange trading…
References
  1. Third-party estimateMore than half of Polish household financial assets sit in cash and bank accounts, against an EU average of 31 percent and 12 percent in Sweden.
    Warsaw Stock Exchange, 'Reviewing 2025 and setting the agenda for 2026', WFE Focus interview — the WIG rose 47% and the dollar-based MSCI Poland 68%, making Poland one of the strongest equity markets globally; the number of brokerage accounts rose by 500 000 to 2,5 million; a zero-fee programme and new dividend, defence-sector and bitcoin ETFs contributed to ETF turnover growth of more than 100% year on year; the WSE IPO Academy was launched; more than half of Polish household financial assets are held in cash and bank deposits, the highest share among large EU economies against an EU average of 31% and 12% in Sweden; the Personal Investment Account (OKI), announced by finance minister Andrzej Domanski and modelled on Sweden's ISK, will allow individuals to invest up to 100 000 złoty tax-free and could attract up to 100 billion złoty within three years according to the ministry; 2026 is expected to bring a clear revival of IPOs, possibly including a significant defence-sector listing — FY2025 / 2026 outlook · publ. 2026 · source ↗
  2. ReportedMoney is starting to move: net inflows into Polish investment funds were 51,8 billion złoty in 2025, after outflows of 23,2 billion in 2022.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  3. ReportedThe government's Personal Investment Account starts on 1 January 2027, with tax-free investment up to 100 000 złoty.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  4. ReportedRetail investors were 13 percent of Main Market turnover in 2025, down from 16 percent in 2023, while the number of securities accounts rose by a record 564 900 to 2,54 million.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  5. ReportedRetail investors were 13 percent of Main Market turnover in 2025, down from 16 percent in 2023, while the number of securities accounts rose by a record 564 900 to 2,54 million.
    GPW Management Board report on 2024 - investor shares of Main Market turnover 2023-2024; listings and delistings 2022-2024 — FY2024 · publ. March 2025 · source ↗
  6. ReportedRetail investors were 13 percent of Main Market turnover in 2025, down from 16 percent in 2023, while the number of securities accounts rose by a record 564 900 to 2,54 million.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  7. Third-party estimateXTB, the largest broker, is listed on GPW and worth about four times the exchange.
    stockanalysis.com, WSE:XTB - market value 18,00bn zł — 23 September 2026 · publ. 2026-09-23 · source ↗
  8. Third-party estimateXTB, the largest broker, is listed on GPW and worth about four times the exchange.
    stockanalysis.com, WSE:GPW - price 99,00 złoty, market value 4,16bn zł, P/E 19,31, forward P/E 16,75, dividend yield 3,43%, revenue TTM 599,70m zł, average price target 75,57 złoty — 23 September 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026