Major ClientsNarrow moat

GPW (GPW) — moat facet

GPW collects a fee on almost every złoty of Polish equity turnover and has no retail customers at all: its biggest client group is foreign, its access is owned by brokers, and one whole customer base was delivered by statute.

The Warsaw Stock Exchange collects a fee on almost every złoty of Polish equity turnover and does not have a single retail customer. It has members.

Foreign investors' share of Main Market turnover (%)65%202368%202470%2025GPW Management Board reports 2024 and 2025
The share of visiting money rose in each year of the boom.

Orders arrive through brokerage houses, which own the account and the app. KDPW held 2,54 million securities accounts at the end of 2025, up a record 564 900 in the year1, and GPW opened none of them. On the other side are the issuers, who paid 25,3 million złoty of listing revenue in 20252 and whose real value is the turnover their shares create.

The money itself is mostly foreign. Foreign investors were 70% of Main Market turnover in 2025, up from 65% in 2023; domestic institutions were 17% and individuals 13%34. Main Market turnover was 491,9 billion złoty in 2025, up 42,7%5, and 39,6% of GPW's revenue came from foreign clients6.

In the commodity business the customers are energy companies, and their presence has depended on law. The exchange obligation for electricity was repealed with effect from 2023; a draft amendment would reinstate it at 80%7.

Four customer relationships, and GPW controls the terms of none of them.

Moat trajectory: Holding steady

The structure is unchanged: intermediated access through member brokers, an issuer base whose value is concentrated in a handful of heavyweights, foreign money supplying most of the turnover, and an energy customer base defined by policy. The 2025 boom improved every number without altering any of those relationships.

The number that tests this moat
Reported
Foreign investors' share of Main Market turnover
70% in 2025, from 65% in 2023

The exchange's biggest clients are visiting capital; the share rises in booms and leaves first in a sell-off.

Source: GPW 2025 and 2024 Management Board reports ↗
Dig deeper
DIG DEEPER 01
The Foreign Investors Who Are Two-Thirds of the Turnover
The exchange's largest revenue source is money that is visiting — allocation decisions taken abroad about a country, not about an exchange.
DIG DEEPER 02
The Brokers Who Stand Between GPW and Everyone
Polish brokerage accounts rose by 500 000 to about 2,5 million in 2025 and GPW opened none of them — one venue to connect to is a strong position for…
DIG DEEPER 03
The Issuers Who Pay to Be Listed
An issuer's fee is annual and small; the turnover its shares generate is continuous and is the whole business — which is why a departing heavyweight…
DIG DEEPER 04
The Energy Companies the Law Sent to TGE
Without an obligation, TGE's electricity forwards fell to their lowest since 2009; a draft would bring the obligation back at 80%.
References
  1. ReportedKDPW held 2,54 million securities accounts at the end of 2025, up a record 564 900 in the year, and GPW opened none of them.
    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 ↗
  2. ReportedOn the other side are the issuers, who paid 25,3 million złoty of listing revenue in 2025 and whose real value is the turnover their shares create.
    GPW Management Board report on 2025 - financial review: revenue by line 2023-2025, financial and commodity market revenue, operating expenses, FTEs, capital expenditure, impairments — FY2025 · publ. March 2026 · source ↗
  3. ReportedForeign investors were 70% of Main Market turnover in 2025, up from 65% in 2023; domestic institutions were 17% and individuals 13%.
    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 ↗
  4. ReportedForeign investors were 70% of Main Market turnover in 2025, up from 65% in 2023; domestic institutions were 17% and individuals 13%.
    GPW Management Board report on 2024 - investor shares of Main Market turnover 2023-2024; listings and delistings 2022-2024 — FY2024 · publ. March 2025 · source ↗
  5. ReportedMain Market turnover was 491,9 billion złoty in 2025, up 42,7%, and 39,6% of GPW's revenue came from foreign clients.
    GPW Management Board report on 2025 - financial review: revenue by line 2023-2025, financial and commodity market revenue, operating expenses, FTEs, capital expenditure, impairments — FY2025 · publ. March 2026 · source ↗
  6. ReportedMain Market turnover was 491,9 billion złoty in 2025, up 42,7%, and 39,6% of GPW's revenue came from foreign clients.
    GPW Management Board report on 2025 - financial review: revenue by line 2023-2025, financial and commodity market revenue, operating expenses, FTEs, capital expenditure, impairments — FY2025 · publ. March 2026 · source ↗
  7. ReportedThe exchange obligation for electricity was repealed with effect from 2023; a draft amendment would reinstate it at 80%.
    GPW Management Board report on 2025 - TGE: electricity and gas volumes 2021-2025, share of consumption, certificates of origin and guarantees of origin, the draft reinstatement of the exchange obligation (80% electricity, gas 55% to 85%) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026