Financial-market tradingWide moat

GPW (GPW) — moat facet

The biggest line is a percentage of turnover, and the rate per złoty traded has fallen 11% in two and a half years.

Fees on financial-market trading brought in 235,7 million złoty in 2025, 42,7% of GPW's revenue, up 27,6%1. Equities were 189,5 million of it; derivatives 16,1 million, debt instruments 16,3 million, other fees paid by market participants 12,9 million and other cash instruments 0,9 million2.

Financial-market trading revenue (zl m)136,92015119,12016141,32017124,32018117,52019185,32020177,92021167,52022164,72023184,72024235,72025GPW Basic financial data workbook
Steps, not a trend: two lows, two jumps, one record.

The line is a percentage of turnover. Main Market turnover was 491,9 billion złoty in 2025, up 42,7%, and average daily turnover 1 975,5 million złoty against 1 384,6 million a year earlier3. Members pay fees on the trades they execute; the exchange sets the tariff, the market sets the volume.

The history is a series of steps rather than a trend. The line was 136,9 million złoty in 2015, fell to 119,1 million in 2016 and 117,5 million in 2019, jumped to 185,3 million in 2020, drifted down to 164,7 million in 2023 and reached a record 235,7 million in 20254. That is growth of about 5,6% a year over the decade5, with the weak years coming whenever Polish turnover faded.

The rate earned per złoty traded is falling. Equity trading revenue was about 423 thousand złoty per billion złoty of Main Market turnover in 2023, 399 thousand in 2024, 385 thousand in 2025 and 377 thousand in the first half of 2026678. The filings do not give a reason; volume is doing all of the work.

The smaller instruments move on their own. Derivatives revenue fell 12,9% in 2025 as WIG20 futures volume dropped to 6,6 million contracts9. Debt trading rose 11,6%, and conditional transactions on Treasury BondSpot Poland rose 81,1% to 1 288,5 billion złoty10.

The first half of 2026 kept the line growing: trading revenue rose 20,6% to 145,6 million złoty, with equities up 24,5% to 121,2 million11. The pace slowed within the half: cash equity turnover rose 27,3% in the half but 14,9% in the second quarter12.

The number to watch is turnover growth in the second half of 2026 against the 42,7% of 2025. Revenue will follow it down more closely than the rest of the group will, because this line has no floor except the members' habit of trading.

Moat trajectory: Widening

Financial trading revenue rose 27,6% in 2025 and 20,6% in H1 2026, though the fee per złoty traded fell.

The number that tests this moat
Moat Explorer calc
Equity trading revenue per 1bn zł of Main Market turnover
377 thousand złoty in H1 2026, from 423 thousand in 2023

A falling rate means growth depends entirely on turnover.

How it's calculated: Equity trading revenue / Main Market turnover
Source: GPW 2025 Management Board report and H1 2026 interim report ↗
References
  1. ReportedFees on financial-market trading brought in 235,7 million złoty in 2025, 42,7% of GPW's revenue, up 27,6%.
    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 ↗
  2. ReportedEquities were 189,5 million of it; derivatives 16,1 million, debt instruments 16,3 million, other fees paid by market participants 12,9 million and other cash instruments 0,9 million.
    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. ReportedMain Market turnover was 491,9 billion złoty in 2025, up 42,7%, and average daily turnover 1 975,5 million złoty against 1 384,6 million a year earlier.
    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 ↗
  4. ReportedThe line was 136,9 million złoty in 2015, fell to 119,1 million in 2016 and 117,5 million in 2019, jumped to 185,3 million in 2020, drifted down to 164,7 million in 2023 and reached a record 235,7 million in 2025.
    GPW Group Basic financial data workbook (to Q2 2026) - consolidated income statement 2007-2025, EBITDA and margins, employee and external-service costs — 2015-2025 · publ. September 2026 · source ↗
  5. Moat Explorer calcThat is growth of about 5,6% a year over the decade, with the weak years coming whenever Polish turnover faded.
    Moat Explorer calculations from GPW's filed revenue lines (Basic financial data workbook, 2025 Management Board report, H1 2026 interim report) — 2015 - H1 2026 · publ. 2026 · source ↗
    Method: CAGR = (2025/2015)^(1/10) - 1; shares = line / group revenue; revenue per 1bn zł of turnover = equity trading revenue / Main Market turnover
  6. ReportedEquity trading revenue was about 423 thousand złoty per billion złoty of Main Market turnover in 2023, 399 thousand in 2024, 385 thousand in 2025 and 377 thousand in the first half of 2026.
    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. ReportedEquity trading revenue was about 423 thousand złoty per billion złoty of Main Market turnover in 2023, 399 thousand in 2024, 385 thousand in 2025 and 377 thousand in the first half of 2026.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  8. Moat Explorer calcEquity trading revenue was about 423 thousand złoty per billion złoty of Main Market turnover in 2023, 399 thousand in 2024, 385 thousand in 2025 and 377 thousand in the first half of 2026.
    Moat Explorer calculations from GPW's filed revenue lines (Basic financial data workbook, 2025 Management Board report, H1 2026 interim report) — 2015 - H1 2026 · publ. 2026 · source ↗
    Method: CAGR = (2025/2015)^(1/10) - 1; shares = line / group revenue; revenue per 1bn zł of turnover = equity trading revenue / Main Market turnover
  9. ReportedDerivatives revenue fell 12,9% in 2025 as WIG20 futures volume dropped to 6,6 million contracts.
    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 ↗
  10. ReportedDebt trading rose 11,6%, and conditional transactions on Treasury BondSpot Poland rose 81,1% to 1 288,5 billion złoty.
    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 ↗
  11. ReportedThe first half of 2026 kept the line growing: trading revenue rose 20,6% to 145,6 million złoty, with equities up 24,5% to 121,2 million.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  12. ReportedThe pace slowed within the half: cash equity turnover rose 27,3% in the half but 14,9% in the second quarter.
    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 ↗
Sources
Generated September 24, 2026