Giełda Papierów Wartościowych w Warszawie (Warsaw) and NewConnect

The Giełda Papierów Wartościowych w Warszawie (also known as the Warsaw Stock Exchange) is the largest stock exchange in Eastern and Central Europe.

NewConnect is organized and regulated by the Warsaw Stock Exchange, and is home to smaller companies that are not yet large enough to be listed on the Warsaw Stock Exchange.

Homepage: Warsaw Stock Exchange
Homepage: NewConnect

Currency: PLN (Polish zloty)

Session details: GPW
Session schedule: NewConnect

Trading Hours

CET (Local Time) Session
8:30 - 9:00 Opening Call
9:00 Opening (Auction)
9:00 - 16:50 Continuous trading
16:50 - 16:59:45 Closing Call
16:59:50 Closing (Auction)

Order Types

  • Iceberg Buy/Sell→Short Sell (Day)
  • Limit Buy/Sell→ShortSell (Day/IOC)
  • Market Buy/Sell→ShortSell (Day, MOC)

Basic Market Rules

  • Lot Size: 100.
  • Tick Size: varies by price, as follows:
Price Range (PLN) Tick Size (PLN)
<= 100 0.01
>100 0.05
  • Short Sale Rules: naked short selling is prohibited; locate is required.
  • Circuit breakers: these markets have both Static and Dynamic limits.
    • Static limit of +/- 10% of the reference price is allowed. Reference price does not change throughout the day.
    • Dynamic: for shares in WIG20 index, limit is +/- 3.5%; for shares in mWIG40, limit is +/- 4.5%; for other shares, limit is 6.5%. The treshold for dynamic is taken from the last TOS price.
  • Note: as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at

Auction Periods

1. Opening Auction (08:30 - 09:00)

  • Limit and Market orders may be entered, amended, and cancelled

2. Closing Auction (16:50 - 16:59:45)

  • Limit and Market orders may be entered, amended, and cancelled

See Also

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