30 December 2025
Year 2025 in KDPW Group
The year 2025 was successful for the Polish economy and capital market. Poland recorded the highest economic growth in three years, placing it among the European leaders. The Warsaw Stock Exchange reported record turnover while stock market indices broke new records. The number of brokerage accounts was growing: it crossed the mark of 2 million in 2025 and reached 2.4 million at the end of November.
Furthermore, 2025 was important to building the position of the Polish capital market in the European Union in the context of the Savings and Investments Union project. It is critical that the voice of medium-sized and smaller markets is heard and considered in the strengthening of the capital market’s role in financing the economic growth of the EU.
Future of EU Capital Markets
In 2025, the KDPW Group actively participated in discussions and debates held in Poland and internationally, presenting the regional markets’ perspective on the Savings and Investments Union.
The Polish capital market would not have grown to its current size for small and medium-sized companies had it not been for local institutions boosting the interest of Polish investors and investing in the development of the Polish capital market. Despite the existing fragmentation in Europe, the Polish capital market fits perfectly into the ecosystem of the European markets. With a share of foreign investors in turnover on the Polish stock exchange at 70%, there are no regulatory and post-trade barriers.
From the perspective of post-trade institutions, it is essential to remove obstacles to cross-border settlement, including by amending regulations on securities ownership, corporate law and tax law, and by further harmonising market practices for handling corporate actions in the EU.
Unlike the US, for example, Europe is not a single capital market but is made up of many smaller and larger capital markets with different traditions and legal regimes. The challenge is to participate in the creation of solutions that will increase the capacity of the capital market to finance the economy on a European scale while preserving regional markets, including the increasingly strong capital market financing the Polish economy.
The KDPW Group opened the year by organising the European Capital Markets Forum in cooperation with the Warsaw Stock Exchange in January 2025. This unique event took place during the Polish Presidency of the Council of the European Union and hosted key figures responsible for shaping the development of capital markets in the EU. We also presented our views at international conferences, including in Stockholm and Brussels.
Active Accounts with KDPW_CCP
In order to improve the stability of EU clearing services, the European Commission has introduced the EMIR 3.0 package including an obligation for entities participating in the OTC derivatives market to hold active accounts (clearing accounts) with EU-authorised CCPs for selected instruments cleared in EUR and PLN.
The requirement to maintain active accounts with CCPs in the European Union is designed to mitigate the risks arising from the excessive concentration of OTC derivatives cleared by EU market participants in third-country CCPs and to reduce the resulting high exposure to such CCPs.
As an authorised CCP based in the EU clearing OTC derivatives in EUR and PLN, KDPW_CCP launched its active account service in 2024.
Cooperation with Armenia’s Capital Market
KDPW was accredited as an issuer of LEIs to legal entities registered in Armenia on 3 June 2025. The extension of the accreditation is in line with the LEI service strategy, which focuses on seeking new development opportunities by increasing the geographical footprint, developing distribution channels and, consequently, increasing the number of issued and renewed LEIs. It is also an important factor in strengthening the competitiveness of the LEI service and entering new foreign markets.
Another milestone strengthening the relations between the capital markets in Poland and Armenia was the agreement between KDPW and The Central Depository of Armenia (CDA) signed in September 2023. It established a direct operational link with the Armenian market. The agreement paves the way for local companies to be listed on the Warsaw Stock Exchange.
The agreement between the central securities depositories is part of a broader strategy to support the development of the capital market in Armenia and its relations with markets in the European Union. The Warsaw Stock Exchange acquired a 65.03% stake in the Armenia Securities Exchange (AMX) in June 2022. AMX owns the Armenian central securities depository.
Development of LEI Issuance Service
KDPW launched a new website and application for issuing LEIs in February 2025. Thanks to changes to the LEI electronic application form, the process of obtaining LEIs is now much shorter. The LEI application form has been significantly simplified.
The new website features an LEI database where users can easily check the expiry date of an LEI; a search engine where users will find the LEI of any company and access high-quality data assigned to the LEI; information on discounts available for multi-year payments; as well as answers to frequently asked questions.
At the end of the year, KDPW implemented a Virtual Assistant feature on the LEI website, which uses AI tools to support the customer service process.
CSDonDLT rEvolution
In the second half of 2025, KDPW presented the CSDonDLT project showcasing the added value resulting from the implementation of solutions based on distributed ledger technology (DLT) as part of central securities depository services. The first step in this direction will be to create a solution supporting the settlement of OTC transactions using blockchain.
The CSDonDLT project will implement an additional complementary layer of the depository and settlement system based on blockchain. At this stage, the solution under development focuses on the settlement of OTC transactions covering the safe-keeping and free transfer of securities as well as atomic settlement of transactions in the DLT layer. Full interoperability of both layers of the depository and settlement system will enable smooth transfers of securities from the traditional layer to DLT and vice versa.
The project is an important step towards the modernisation and development of the domestic capital market infrastructure, responding to global trends and initiatives undertaken by other European markets in the implementation of innovative technologies and new business and operational models.
Awards
KDPW and KDPW_CCP
“Financier of the Year 2024” - President of the Management Board Maciej Trybuchowski (February 2025)
“Infrastructure Partner” - award from the Chamber of Brokerage Houses (IDM) at the 25th edition of the Capital Market Conference (March 2025)
“25 Aces – Polish Financial Market Leaders” – President of the Management Board Maciej Trybuchowski (May 2025)
“Manager of the Year 2025” – President of the Management Board Maciej Trybuchowski (June 2025)
“Best Managers in Finance” – President of the Management Board Maciej Trybuchowski (October 2025)
KDPW
“Best Business Partner” – award for the LEI issuance service (October 2025)
“Best Products for Business” – award for the reporting services package (December 2025)
KDPW_CCP
“Financial Medal” – award for the Active Accounts service (March 2025)
Furthermore, 2025 was important to building the position of the Polish capital market in the European Union in the context of the Savings and Investments Union project. It is critical that the voice of medium-sized and smaller markets is heard and considered in the strengthening of the capital market’s role in financing the economic growth of the EU.
Future of EU Capital Markets
In 2025, the KDPW Group actively participated in discussions and debates held in Poland and internationally, presenting the regional markets’ perspective on the Savings and Investments Union.
The Polish capital market would not have grown to its current size for small and medium-sized companies had it not been for local institutions boosting the interest of Polish investors and investing in the development of the Polish capital market. Despite the existing fragmentation in Europe, the Polish capital market fits perfectly into the ecosystem of the European markets. With a share of foreign investors in turnover on the Polish stock exchange at 70%, there are no regulatory and post-trade barriers.
From the perspective of post-trade institutions, it is essential to remove obstacles to cross-border settlement, including by amending regulations on securities ownership, corporate law and tax law, and by further harmonising market practices for handling corporate actions in the EU.
Unlike the US, for example, Europe is not a single capital market but is made up of many smaller and larger capital markets with different traditions and legal regimes. The challenge is to participate in the creation of solutions that will increase the capacity of the capital market to finance the economy on a European scale while preserving regional markets, including the increasingly strong capital market financing the Polish economy.
The KDPW Group opened the year by organising the European Capital Markets Forum in cooperation with the Warsaw Stock Exchange in January 2025. This unique event took place during the Polish Presidency of the Council of the European Union and hosted key figures responsible for shaping the development of capital markets in the EU. We also presented our views at international conferences, including in Stockholm and Brussels.
Active Accounts with KDPW_CCP
In order to improve the stability of EU clearing services, the European Commission has introduced the EMIR 3.0 package including an obligation for entities participating in the OTC derivatives market to hold active accounts (clearing accounts) with EU-authorised CCPs for selected instruments cleared in EUR and PLN.
The requirement to maintain active accounts with CCPs in the European Union is designed to mitigate the risks arising from the excessive concentration of OTC derivatives cleared by EU market participants in third-country CCPs and to reduce the resulting high exposure to such CCPs.
As an authorised CCP based in the EU clearing OTC derivatives in EUR and PLN, KDPW_CCP launched its active account service in 2024.
Cooperation with Armenia’s Capital Market
KDPW was accredited as an issuer of LEIs to legal entities registered in Armenia on 3 June 2025. The extension of the accreditation is in line with the LEI service strategy, which focuses on seeking new development opportunities by increasing the geographical footprint, developing distribution channels and, consequently, increasing the number of issued and renewed LEIs. It is also an important factor in strengthening the competitiveness of the LEI service and entering new foreign markets.
Another milestone strengthening the relations between the capital markets in Poland and Armenia was the agreement between KDPW and The Central Depository of Armenia (CDA) signed in September 2023. It established a direct operational link with the Armenian market. The agreement paves the way for local companies to be listed on the Warsaw Stock Exchange.
The agreement between the central securities depositories is part of a broader strategy to support the development of the capital market in Armenia and its relations with markets in the European Union. The Warsaw Stock Exchange acquired a 65.03% stake in the Armenia Securities Exchange (AMX) in June 2022. AMX owns the Armenian central securities depository.
Development of LEI Issuance Service
KDPW launched a new website and application for issuing LEIs in February 2025. Thanks to changes to the LEI electronic application form, the process of obtaining LEIs is now much shorter. The LEI application form has been significantly simplified.
The new website features an LEI database where users can easily check the expiry date of an LEI; a search engine where users will find the LEI of any company and access high-quality data assigned to the LEI; information on discounts available for multi-year payments; as well as answers to frequently asked questions.
At the end of the year, KDPW implemented a Virtual Assistant feature on the LEI website, which uses AI tools to support the customer service process.
CSDonDLT rEvolution
In the second half of 2025, KDPW presented the CSDonDLT project showcasing the added value resulting from the implementation of solutions based on distributed ledger technology (DLT) as part of central securities depository services. The first step in this direction will be to create a solution supporting the settlement of OTC transactions using blockchain.
The CSDonDLT project will implement an additional complementary layer of the depository and settlement system based on blockchain. At this stage, the solution under development focuses on the settlement of OTC transactions covering the safe-keeping and free transfer of securities as well as atomic settlement of transactions in the DLT layer. Full interoperability of both layers of the depository and settlement system will enable smooth transfers of securities from the traditional layer to DLT and vice versa.
The project is an important step towards the modernisation and development of the domestic capital market infrastructure, responding to global trends and initiatives undertaken by other European markets in the implementation of innovative technologies and new business and operational models.
Awards
KDPW and KDPW_CCP
“Financier of the Year 2024” - President of the Management Board Maciej Trybuchowski (February 2025)
“Infrastructure Partner” - award from the Chamber of Brokerage Houses (IDM) at the 25th edition of the Capital Market Conference (March 2025)
“25 Aces – Polish Financial Market Leaders” – President of the Management Board Maciej Trybuchowski (May 2025)
“Manager of the Year 2025” – President of the Management Board Maciej Trybuchowski (June 2025)
“Best Managers in Finance” – President of the Management Board Maciej Trybuchowski (October 2025)
KDPW
“Best Business Partner” – award for the LEI issuance service (October 2025)
“Best Products for Business” – award for the reporting services package (December 2025)
KDPW_CCP
“Financial Medal” – award for the Active Accounts service (March 2025)
