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- The National Centre for Research and Development (NCBR) and the Warsaw Stock Exchange (GPW) have signed an agreement for EU co-financing of research and development work to develop GPW’s new trading platform
- The project capex is estimated at PLN 90 million, including PLN 30.27 million of NCBR co-financing
- The development of the Trading Platform is a key strategic initiative under #GPW2022
The agreement concerning the development of a GPW Trading Platform with co-financing of the National Centre for Research and Development has been signed today on the GPW Trading Floor. The ceremony was attended by Deputy Prime Minister and Minister of Science and Higher Education Jarosław Gowin, NCBR Director Wojciech Kamieniecki, and GPW President Marek Dietl.
The capital expenditure in the project is estimated at PLN 90 million, including PLN 30.27 million of NCBR co-financing granted in the Fast Track competition. The National Centre for Education and Development is an executive agency of the Minister of Science and Higher Education supporting financial innovation to develop the Polish capital market.
“New technology and its broad applications in the financial services industry represent a fast-growing sector of the Polish and global economy. NCBR co-financing will reinforce the position of the Warsaw Stock Exchange, one of the biggest CEE exchanges, as an innovation leader,” said Deputy Prime Minister and Minister of Science and Higher Education Jarosław Gowin at the GPW event.
GPW’s research and development project will develop a proprietary Trading Platform with functionalities dedicated to financial instruments and, due to a flexible modular architecture, to other classes of instruments, ensuring cutting-edge technical parameters and offering new types of orders and proprietary trading algorithms.
Five NCBR programmes in 2018 accepted more than 1,200 applications in a total amount of co-financing exceeding PLN 9.6 billion. The Fast Track programme was the source of financing of innovative projects most frequently chosen by companies.
NCBR has opened six Fast Track competitions in 2019 with a total budget of more than PLN 2.73 billion. The agency offers for the first time three thematic competitions dedicated to accessibility projects, space technology, and plastics technologies.
“Fast Track is a unique competition: on the one hand, it helps to finance multi-million projects of big companies like GPW; on the other hand, it supports startups and SMEs. This is how we are building an ecosystem of innovation where the key value is a good idea that can be turned into ground-breaking solutions and technologies in close co-operation between science and business,” said NCBR Director Dr Wojciech Kamieniecki. “The Warsaw Stock Exchange project proves that the Polish financial sector excels in absorbing fintech solutions, which suggests that we will stay on the forefront of change in the sector.”
The Exchange’s trading system must meet parameters ensuring efficiency, speed and alignment with changing market needs. The technology must be highly reliable, offer low latency from placing an order to confirming its execution, provide high resilience to large volumes of orders, accept and process hundreds of millions of messages per day, and handle significant load variations over time.
“The development of a proprietary trading system addresses market needs in line with the Capital Market Development Strategy. The new platform will cut transaction costs and offer new functionalities to exchange members, issuers and investors. The system will be highly reliable and secure. We are considering how to commercialise this new world-class technological solution on CEE and Middle East markets,” said GPW President Marek Dietl.
The development and implementation of the new trading system will diversify the revenue base as the new system can be sold to other exchanges. The trading system will help to add new products to GPW’s offer and make the Exchange even more attractive to capital market participants. The development of the Trading Platform will boost the reputation of GPW.
The Trading Platform will be implemented by the end of June 2023 according to the project timeline.
On 1 July 2019, NCBR closed the call for applications in this year’s first horizontal competition dedicated to projects focusing on any of the National Smart Specialisations. The next call for applications of SMEs, large companies and consortia (including research and industry consortia) in a horizontal competition opens from 16 September to 16 December 2019. The budget available for innovative projects is PLN 1.1 billion.
All Fast Track competitions are implemented in Sub-measure 1.1.1 “Industrial research and development implemented by enterprises” under the Operational Programme Smart Development.
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The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and calculates the benchmarks WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl
The National Centre for Education and Development (NCBR) is an executive agency of the Minister of Science and Higher Education. For more than a decade, NCBR has brought together researchers and businesses by creating conditions conducive to research and development. NCBR co-finances R&D to support local companies and mitigate the business risk of implementation of ground-breaking research projects. The mission of NCBR is to work towards social and economic development of Poland and resolve specific civilisational problems faced by the Polish population. NCBR is the Intermediate Body in the operational programmes Smart Development and Knowledge – Education – Development. NCBR implements a range of national and international projects, as well as national security and defence projects. With an annual R&D budget of a billion euros, NCBR is the biggest research and business support centre in Poland and CEE. For more information, visit www.ncbr.gov.pl
