Market Data & AnalyticsNarrow moat

Every exchange sits on a proprietary and valuable asset that costs almost nothing extra to sell: the information its market produces. GPW's prices, quotes, order-book depth, trading volumes, and index values are data that vendors, investors, funds, and financial institutions need and will pay for — repeatedly, by subscription — because there is no other source for the definitive record of what happened on the Polish market. Market-data revenue is therefore among the most attractive lines an exchange has: recurring, high-margin, and decoupled from the swing of trading volumes.

For GPW this is one of the clearest growth vectors and one of the lowest-risk. It monetizes the informational side of the monopoly separately from the transaction toll, adding steadier revenue that helps offset the cyclicality of trading fees. As financial markets grow more data-hungry — with quantitative strategies, analytics, and automated systems all consuming more information — the value of an exchange's data tends to rise. Building richer data products and analytics on top of the raw feed is a natural, defensible way for GPW to grow high-quality recurring revenue without needing the Polish IPO market to revive or trading volumes to boom — the kind of revenue 2025's record year did not depend on data to deliver¹.