The new GPW WATS trading system – key information for investors

October 5, 2026 The Warsaw Stock Exchange will launch a new trading system – GPW WATS (Warsaw Automated Trading System). It will replace the current UTP system, offering higher throughput and more efficient, secure, and flexible market operations. The migration from the UTP system to GPW WATS is scheduled for October 3–4, 2026

Below are the key changes that will take effect with the launch of the WATS system, starting from the trading session on October 5, 2026

I. Market orders (PKC) and market-to-limit orders (PCR)

Once the WATS system is launched, PKC and PCR orders may only be submitted with the following validity types:

• Immediate or Cancel (IOC),
• Fill or Kill (FOK),
• Good for Auction (GFA),
• Good-till-Close (GTC).

Additionally, the following rules will apply:

• market-to-limit (MTL) and market-to-market (MTM) orders will be rejected if their execution could lead to a breach of the applicable price collars;
• market-to-market (MTM) orders submitted during the continuous trading phase will be executed at the best available price of the opposing order waiting for execution in the order book;
• if a market-to-market (MTM) order is only partially executed, the remaining unexecuted portion will expire.

These rules are consistent with the currently published information regarding the WATS implementation.

Detailed information regarding order types can be found in the Detailed Exchange Trading Rules (DETR) available on the WSE website.

II. Changes to order modification

Following the implementation of the WATS system, it will not be possible to change the order type or its validity type.

An exception will be the ability to modify the validity of Good-till-Date (GTD)orders.

III. New restrictions on order parameters

The new trading system will introduce new restrictions on price limits for submitted orders.

For example, in the case of shares included in the index WIG20 the price limit may differ from the reference price by a maximum of ±40%.

If order parameters exceed the permissible values, the system will automatically reject the order.

IV. Random start and end times for trading

In the WATS system, the start or end time of trading may be automatically shifted by a maximum of 30 seconds.

In practice, this means that:

• trading may start after the scheduled opening time, with a random delay of up to 30 seconds;
• trading may end up to 30 seconds before the scheduled closing time.

The exact moment of transition to the next trading phase will not be published in advance.

V. Handling of STOP orders

Determining the closing price of the session in the WATS system may result in the activation of a STOPorder. Once activated, the order will be eligible to participate in the post-market tradingphase.

VI. Changes to the order book display format

During the opening and closing auction phases, as well as during market balancing, the full order book will not be displayed.

During these phases, the following information will be available:

• TOP (Theoretical Opening Price) – the price at which a transaction could be executed at a given moment;
• TOV (Theoretical Opening Volume) – the number of instruments that could be traded based on the current order book.

During the auction, investors will be able to monitor the projected price and transaction volume, but they will not have access to the full order book.

VII. Changes during the trading-at-last phase

During the trading-at-last phase, it will be possible to place orders with any price limit.

However, if the limit specified in an order is more favorable than the trading-at-last price, it will be automatically adjusted to the trading-at-last price for the duration of this phase.

This applies to:

• buy orders with a limit higher than the trading-at-last price;
• sell orders with a limit lower than the trading-at-last price.

If an order is not fully executed and remains valid for subsequent days, its price limit will be restored to the value originally specified by the investor once the trading-at-last phase concludes.

The trading-at-last phase for continuous trading will last for a strictly defined period – 300 seconds from the end of the closing auction phase.

For example, in the case of a random closing time, an instrument may have a trading-at-last schedule falling between 16:59:45 and 17:04:45.

VIII. Change to the post-trade phase time for single-price auctions

The post-trade phase for single-price auctions will be extended in the WATS system:

• for auctions with two single-price determinations – from 15:00–15:30 to 15:00–17:05;
• for auctions with one single-price determination – from 11:00–13:00 to 11:00–17:05.

IX. Unavailability of selected order types

It will not be possible to place:

• orders with a PEG limit (orders with a dynamic price limit);
• orders with an additional MWW (minimum execution size)condition.

The full scope of changes related to the implementation of the WSE WATS system, as well as the current Detailed Exchange Trading Rules (DETR) are available on the WSE website.

Cancellation of open orders on the WSE

In connection with the WSE's decision to implement the WATS system, we are cancelling your open orders on the WSE placed by October 2, 2026. Funds blocked in relation to these orders will be released.

If you wish to resubmit a cancelled order, please log in to your investment account in DoAkcji2.0 and place it again. This will be possible starting from Monday, October 5, 2026.

If you have any questions, we encourage you to visit the project website for GPW WATS at https://gpwwats.pl/ or contact the Trigon Customer Service Office at bok@trigon.pl or our Call Center at: +48 801 292 292, +48 126 292 292, +48 122 887 878.

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