In March, Bukowina Tatrzańska is a focal point on the map of the Polish financial industry thanks to the 25th Capital Market Conference. Bankier.pl – the media patron of the event – will be reporting it for its readers, among others, in this article.
The conference is held under the slogan “European ambitions towards the integration of EU capital markets and challenges facing the Polish economy”. It is attended by representatives of government administration, institutional investors (TFI, PTE, VC), banks, brokerage houses and offices, listed companies, companies planning IPOs, capital market advisors, stock exchanges and settlement institutions, capital market environmental organizations and rating agencies.
Read also
Bankier.pl collected materials from the conference in Bukowina
First day of coverage from Bukovina:
16:30 Jacek Jastrzębski, KNF: The art is to take the best from all markets
What is the state of the Polish financial market compared to European markets? How to strengthen the capital market? What are its biggest problems? Is the Polish capital market overregulated? These questions are answered by Jacek Jastrzębski, chairman of the Polish Financial Supervision Authority.
See alsoTake your first steps towards safe investments – read our guide to Treasury Bonds!
– The Polish financial market is safe and stable, but compared to European markets, it is not a market that meets our ambitions – Jacek Jastrzębski, Chairman of the Polish Financial Supervision Authority, tells Bankier.pl.
More in the video:
16:20 XTB aims at cryptocurrencies and Europe. Omar Arnaut on the company's plans
We talked about new products and new users with Omar Arnaut – CEO of XTB. What will be the future directions of the company's expansion, what is it preparing for its clients this year and what role does the CFD market still play for it? We asked about these and other topics during the 25th Capital Market Conference organized by the Chamber of Brokerage Houses.
More in the video:
15:20 The share of women in managerial positions on the financial market is still too low
EU regulations assuming an increase in the participation of women in the management and supervisory boards of listed companies should be implemented by mid-2026. Considering the term of office of these bodies, this will be quite a challenge – says Agnieszka Wachnicka, vice-president of the Polish Bank Association.
The role of women in the financial market – this is the subject of another conversation in the Bankier.pl studio during KRK '25 in Bukowina Tatrzańska. The guest in the studio is Agnieszka Wachnicka, vice-president of the Polish Bank Association.
How is women represented on the financial market? – We are at the Capital Market Conference and looking at the room, it is very easy to answer this question. Although in the banking sector itself it may be a bit better – says Agnieszka Wachnicka.
– When we examined the data for 2022, 19% of women sat on bank boards. In 2023, it was 21%. So we have a slight increase, but the share of women in managerial positions is still small – adds the vice-president of the Polish Bank Association.
– The share of women on the boards of listed companies is growing, but not fast enough for us to be close to meeting the parity resulting from the directive provisionally called “Women on Boards”. This directive states that parity must be met, i.e. in the structures of management boards and supervisory boards there must be an appropriate share of women – at least 33% on the management board and supervisory board or 40% on the board itself – explains Agnieszka Wachnicka.
More in the video:
15:00 Ewa Jakubczyk-Cały from PKF Consult: When it comes to corporate governance, you always have to say “I'm checking”
According to Ewa Jakubczyk-Cała of PKF Consult, the largest companies listed on the Warsaw Stock Exchange have corporate governance issues well resolved. The situation is worse in companies with dispersed shareholders or family shareholders.
Ewa Jakubczyk-Cały, Managing Partner at PKF Consult, is another guest at the Bankier.pl studio in Bukowina Tatrzańska during the Capital Market Conference '25. The topic of the conversation led by Andrzej Stec, editor-in-chief of Bankier.pl, is corporate governance.
More in the video:
Full article »
14:20 Maciej Trybuchowski, President of the National Depository for Securities: Tax relief for capital gains would be an important signal from the state
The next guest of Andrzej Stec, editor-in-chief of Bankier.pl, in our studio during the Capital Market Conference '25 is Maciej Trybuchowski, president of the National Depository for Securities.
By introducing this type of relief, the state would show that there is a good alternative to savings and that it is worth building your retirement security on the capital market – said Maciej Trybuchowski, president of KDPW, in the Bankier.pl studio.
More in the video:
Full article »
12:45 The head of the Polish Financial Supervision Authority indicates three key areas important for improving the financial market
The Chairman of the Polish Financial Supervision Authority (KNF) Jacek Jastrzębski, in his speech at the 25th Capital Market Conference, addressed the topic of strengthening the competitiveness of the Polish financial market in the EU context and the need for deregulation, investment and savings. He also emphasized the importance of a culture of risk acceptance, which is essential for the development of the financial market.
At the beginning, Jastrzębski presented the state of the Polish financial market, comparing it to European markets. He pointed out that the scale of assets of the financial system in Poland constitutes 115% of GDP, while the average for the eurozone is 470%.
“If we compare this, for example, with the average for the eurozone, it is 470 percent. In the Czech Republic, Hungary, Slovakia, it is also more than in Poland,” indicated the KNF president.
Jastrzębski also emphasized the dominance of the banking sector, which accounts for almost three-quarters of the assets of the financial system. He pointed out that 85% of household investments are invested in deposits and real estate, which hinders the development of the capital market. “Suffice it to say that Polish households have about 85% of their investments invested in deposits and real estate,” Jastrzębski emphasized.
How to strengthen the capital market?
KNF President Jacek Jastrzębski indicated three key areas of improvement in the financial market in his speech, namely deregulation and simplification, increasing investment and promoting savings. He emphasized that excessive regulation negatively affects market competitiveness and limits access to capital.
“It seems that our success has defeated us. We were so effective in eliminating risk that this success in eliminating risk exceeded our expectations,” said Jacek Jastrzębski, noting that the European Union is currently aware of the need to reduce regulatory burdens, as evidenced by the proposal of the so-called first omnibus. More »
12:30 Tadeusz Białek from the Polish Bank Association on deregulation, credit costs and bank tax
What are the main goals and specific postulates of the Polish Bank Association as part of the work of the deregulation team? What are the expectations of the banking sector towards the government in terms of deregulation? What is the situation of credit costs from the perspective of the banking sector? What is the reason for the high costs of credit? Does a mortgage in Poland have to be so expensive? What is the key to cheap credit? How do banks set their credit margins and what influences their changes? Will the bank tax change the structure? These questions are answered by Tadeusz Białek, president of the Polish Bank Association, in the Bankier.pl studio at the Capital Market Conference.
11:45 SII President: We need a longer growth trend, not short-term bursts
What is the current state of the Polish capital market? How can we encourage a larger group of investors to take an interest in the domestic stock exchange? – we ask Jarosław Dominiak, president of the Association of Individual Investors, during a conference in Bukowina.
According to the head of SII, the current state of the capital market is not clear-cut. – There are areas where an investor can record profits or find attractively priced securities. But we still have pains that we have been paying attention to for years. This includes, for example, the disproportion in property taxation compared to other forms of investment – notes Jarosław Dominiak.
– Although our market has been performing better recently, in order for new investors to appear, we need not short-term surges, but at least medium-term growth trends – adds the head of SII.
More in the video:
10:30 Panel discussion – Polish presidency of the EU – strategic debate on the role of national capital markets
At the beginning, a question with a thesis – The Capital Markets Union is a threat to us – can it be stopped?
Waldemar Markiewicz talks about the harmfulness of centralization, Maciej Trybuchowski – there is nothing to stop, we need to effectively adapt to events. What we see in the EU is more of an investment union.
What final shape of a common capital market would be ideal for Poland – Jurand Drop – we will always have some functions at the central level and at the local level, e.g. ESMA could regulate rating agencies, issues concerning payments should be a local domain. Full centralization will not happen.
Bardziłowski emphasizes that for 8 years Poland did not speak out on the issue of the capital market union “we were not there”, now we are back at the table. Let's be the leader of these changes, and not wait for this flood to overwhelm us.
We talk about the capital markets union, but let's think about the purpose of this exercise. The point is for the Polish and European capital markets to be strong. 15 years ago the Polish market was strong. Why? We had privatization, IPO, investors and good infrastructure – says Waldemar Markiewicz.
Trybuchowski: I wouldn't be afraid of impossible things. We're not talking about harmonizing the law across the EU, but, for example, harmonizing definitions at the European level, for example, understanding a shareholder in the same way. It's about technicalities that will make the flow of capital more effective.
Unfortunately this debate is very chaotic, they jump from topic to topic, there is no coherent thought, everyone is talking about something different.
10:15 We are starting the 25th edition of the Capital Market Conference!
We are starting the jubilee Capital Market Conference. This is the 25th edition of the conference organized by the Chamber of Brokerage Houses. The Capital Market Conference is an annual, three-day event during which representatives of listed companies, government administration, financial institutions and investors discuss with each other. Bankier.pl could not be missing here. We invite you to follow the reports on the website!
10:00 Jakub Jaworowski, Minister of State Assets
Minister Jakub Jaworowski, in his speech at the 25th Capital Market Conference, emphasized the key role of corporate governance in State Treasury companies and the importance of capital markets in the development of the Polish economy. He drew attention to the challenges facing Poland, such as energy transformation, innovation, the development of the arms sector and demography . More »
Bankier.pl
09:55: Andrzej Domański, Minister of Finance
It is difficult to speak after Mr. President Markiewicz, because he addresses the main challenges in a very comprehensive and multi-threaded manner, but I will try anyway. First of all, I would like to thank you very much for inviting me to this anniversary session of the capital market conference. Unfortunately, the ECOFIN Council, the Council of Ministers of Finance of the European Union, de facto forced me to stay in Brussels, so I cannot be with you in person today, although I know perfectly well that it is there that the heart of the Polish capital market beats today.
Bankier.pl
Ladies and gentlemen, in recent days and weeks, we have witnessed turbulent events on the financial markets. A dramatic sell-off on the treasury bond markets of some Western European countries, clear turbulence on currencies and also a clear outperformance of European indices relative to the American market. All this shows how much political decisions have an impact on financial markets, especially in the United States.
In my opinion, investors are increasingly wondering what decisions the US administration will make that will affect the operations of the largest US companies and what the consequences may be for current capital flows.
It cannot be ruled out that the events we are witnessing will also affect consumer behavior, which will affect the condition of the American economy. From our perspective, the reaction of the European market to the latest decisions and initiatives taken at the European Union level is certainly a positive signal. It is clear that investors see their potential for further growth and strengthening the strength of the European economy.
In the short term, of course, we are seeing increased volatility on the market – the VIX index remains above 20 points. However, I am convinced that from this high volatility, from this, to put it colloquially, confusion, the European economy, European companies and European markets can emerge stronger.
From the perspective of decoupling, which is known to be taking place, this direction may be conducive to improving the results of European companies, as well as to a gradual increase in dividend rates, which have clearly lagged behind the level observed overseas for many years. If these positive trends continue, we have a chance, we have prospects for public opinion and its interest to be drawn back towards the capital market, building wealth and saving on European assets.
Of course, I am very happy that the Warsaw Stock Exchange is one of the strongest markets this year, not only in Europe, but in the world. An increase of 17%, almost 20%, in currencies it is probably almost 30%. This shows the strength of the Polish stock market. And of course, we are also seeing other positive events, such as the second largest IPO on the Warsaw Stock Exchange this year.
I do not see the president of GPW, but I am convinced that nothing pleases us as much as the fact that turnover is also growing, which is growing by over 30% year-on-year, and the average has approached almost 2 billion in daily turnover and was the highest in history. I will not bore you with statistics, which you know better than I do.
What I would like to draw attention to is of course the condition of the Polish economy and the fact that finally the PMI, the leading indicator for Polish industry, has exceeded the 50-point barrier. It is clear that this economic growth in our country in 2025 will be clearly more balanced than it was in the previous year. Undoubtedly, our economy is accelerating and the engine that will drive our economy will certainly be investments. Without a doubt, the key engine driving investments will be funds from the KPO. Funds that are already changing our country. They are changing large, medium and small cities, changing the whole of Poland. Funds that ensure the next phase of modernization of our country and funds that our predecessors were unable or even unwilling to launch. Our economy is becoming a center for infrastructure investments. We are modernizing the railways, developing ports, radically accelerating the energy transformation, investing not only in capacity, but also in transmission networks.
Our investments are not Power Points, these are real funds spent, real tasks implemented. Exactly one month ago, Prime Minister Tusk presented our plan “Poland – a breakthrough year” at the stock exchange.
The plan consists of six pillars: investment in science and research, energy transformation, modern technologies, infrastructure development, creating a friendly environment for cooperation with business. You have certainly noted the deregulation actions that are being taken.
But the sixth, in my opinion key element, which we talked about a month and a half ago, is the dynamic capital market . It is the capital market that is the foundation of long-term financing of the Polish economy and the development of Poland. The place where this strategy was presented was not accidental. It was chosen as an expression of our government's conviction about the importance of the stock exchange and, more broadly, the importance of the capital market for building Poland's long-term competitiveness.
As the Minister of Finance, I can say with full responsibility that not only public funds, but also, and perhaps above all, private funds are necessary to finance innovation, energy transformation, digital transformation, in other words, to strengthen the competitiveness of the Polish and, more broadly, European economy. That is why I believe that there is an urgent need for serious changes on the capital markets in Europe, including, of course, in Poland. I assume that President Markiewicz mentioned some of these changes. However, I want to say clearly that as a government, we want to create conditions for the effective allocation of capital in projects that stimulate innovation and economic growth.
One of the important elements of building such an ecosystem will be the Alternative Investments project. A project thanks to which we will mobilise capital towards long-term investments, investments characterised by an increased degree of risk, but at the same time a naturally increased expected rate of return. This is extremely important to us. I know that there are many representatives of the venture capital fund environment in the room, to build this leg of financing economic growth in Poland also based on fund solutions. We will present proposals that will support this source of financing for the Polish economy in the coming weeks.
At the same time, I would like to talk about the second project that we talked about on the Warsaw Stock Exchange, namely the Deep Tech fund. We know that Poland needs investments in various technologies, technologies that often have dual applications, space technologies, cybersecurity. The Deep Tech fund, which we are working on together with other ministries, will serve this purpose.
At the same time, I would like to say clearly that we are aware that there are gaps in the investment financing process that we have in Poland, there are places that require fundamental improvement. The Ministry of Finance is working together with you to strengthen the entire investment financing process in our country. We are naturally striving to build a dynamic public market. The statistics that I cited at the beginning, such as the increase in turnover or successful IPOs, indicate that the first steps have already been taken, that the capital market is beginning to rebuild. We know, of course, that many things still require radical improvement. We know that many things in the past were not done as they should have been. The latest reports on the GPW write-off, amounting to almost PLN 50 million, are proof of this. However, we, as a government, are determined to ensure that the public market also returns to its former glory. I am speaking to you today from Brussels, so it is impossible not to refer to the EU dimension, which, after all, has a very significant impact on national policy and our activities in the economic area.
I wanted to say very clearly that also in building solutions for financial markets, for the market, Poland has returned after eight years of absence, passivity, neglect. We are again a country that has a lot to say in the discussion on the development of capital markets. And here I would like to thank you very much for this, because this series of meetings that we had with you at the Ministry of Finance was a huge injection of knowledge, information, ideas for us, which we are passing through here step by step.
Of course, the fact that at the moment the Polish presidency facilitates some activities. President Markiewicz mentions, for example, the role of investments. Here, our position has been presented very clearly. In general , as Poland, the Polish presidency, we are very strongly pushing for deregulation, simplification of EU regulations, abandoning certain absurdities, which unfortunately are not lacking in European law, also concerning the capital market. And I want to assure you that both during the Polish presidency and after it ends, we will be extremely active here.
Ladies and gentlemen, a strong Europe needs a competitive economy. To achieve this, we need to simplify regulatory regulations. We need to ensure the conditions for more private capital to flow into the European economy. Capital markets must fulfil their primary purpose, which is to finance the real economy and provide capital to finance the energy transformation, the digital transformation and, finally, of course, to finance the enormous effort that lies ahead of us, i.e. to finance the arms industry and rebuild security in Europe. That is why I am very pleased that the actions that are already being taken by the European Commission, as Poland, as the Polish presidency, we have been striving for this for months and I am glad that more and more Member States are realising that we must spend much more on defence, on ensuring security in Europe.
To achieve this, we need a strong European economy. The European Union must stop being a regulatory leader and must become an economic superpower again. We know perfectly well that, to paraphrase a bit, money is and will be there. Our savings on a European scale amount to almost one and a half trillion euros. However, we know that these funds are not allocated effectively. European financial markets are not used effectively, the European capital market is still losing to competitors from overseas.
Too many European companies, even the most promising ones, still choose to list in New York, not in Paris, and probably best in Warsaw. We need to put an end to this, and together with you we want to work on solutions that will change this.
I am absolutely convinced that we are currently dealing with a kind of European awakening. This awakening has been going on for several weeks. We are seeing a radical change in the attitude of European leaders, both political, but also business, also economic. For example, the recent decisions of the German government regarding the brake, the constitutional brake on debt show that the thinking of the whole of Europe is changing. As Poland, as the Polish presidency, we will make every effort, we will put in a huge effort to use this awakening to build the strength of Europe, the European strength. Thank you.
09:30 Waldemar Markiewicz – President of the Management Board, Chamber of Brokerage Houses
Today, the capital market is the center of attention in Poland and Europe. This is an opportunity that we cannot waste. That is why the topic of the conference is “European ambitions towards the integration of EU capital markets and the challenges facing the Polish economy.”
Europe will be as strong as the economies of its member states, and the key to this is small and medium-sized companies. Local capital is most often invested in local companies. Innovative companies must have local power. We must focus on building a strong capital market in Poland – says Markiewicz.
Bankier.pl
Centralization of the capital market in Europe is not a solution to the problem of the European capital market, and its fragmentation is not its main problem. Centralization will not be good because it will marginalize local markets and weaken the role of capital markets supporting local economies – believes Markiewicz.
Despite the extraordinary economic growth, we do not have developed productivity and innovation in the economy – Markiewicz points out. Poland must find funds for energy transformation, innovation, armaments. We need a second pillar, banks are not enough, meanwhile the size of the Polish capital market measured by various indicators does not even fit the European average – Markiewicz states.
According to the head of IDM, in order to change this, we need to strengthen trust in the market, either through specialized prosecutor's office units that will deal with economic matters, or through the professionalization of supervisory boards.
It is important to develop the institutional investor base.
Today, there is a lot of talk about deregulation. A competitive market requires flexibility. Lack of incentives and overregulation are the main brakes on the capital market in Poland. For this reason, we need fit for 55 for capital markets, i.e. a reduction of the current level of regulatory burdens by at least 55% by 2030 – sums up Waldemar Markewicz.
Read also
The Chamber of Brokerage Houses submits proposals for deregulation. Thirteen points on the list
09:15 The conference is opened by Piotr Prażmo, Chairman of the Brokerage House Council
The president talks about 320 registered people – a record turnout. This year's conference is held under the slogan “European ambitions towards the integration of EU capital markets and challenges facing the Polish economy”. In the room are, among others, the Minister of State Assets Jakub Jaworowski and the Chairman of the Polish Financial Supervision Authority Jacek Jastrzębski, as well as Tomasz Bardziłowski, the president of the Warsaw Stock Exchange and members of the stock exchange management board. In a moment, the Minister of Finance will connect with the participants remotely.
This year's conference includes almost 30 panels and program items, the anniversary partners are GPW and KDPW.
09:00 Brokers about clients: low level of knowledge. Are Polish investors “trapped” in unsuccessful investments?
During the Capital Market Conference in Bukowina, the second edition of the report entitled “Individual Investor in Poland” was published. As it shows, brokers have a low opinion of the financial knowledge of their clients who are not in debt and most believe that the financial industry does not act in the best interest of investors. We talk to Tomasz Bilczyński from Accenture Polska, which prepared the report, about the results of the study and whether Poles are “trapped” in unsuccessful investments.
Bankier.pl
Daily schedule:
Opening of the Conference, Piotr Prażmo, Chairman of the Brokerage House Council, Chairman of the KRK'25 Program Council, Vice-President of the Management Board, Erste Securities Polska SA
⏰ 9:15 – 9:30
Speech by the host, Waldemar Markiewicz – President of the Management Board, Chamber of Brokerage Houses
⏰ 9:30 – 9:45
Guest speech (online), Andrzej Domański, Minister of Finance
⏰ 9:45 – 10:00
Guest speech, Jakub Jaworowski, Minister of State Assets
⏰ 10:00 – 10:15
Guest speech, Dr. Hab. Jacek Jastrzębski, Professor of the University of Warsaw, Chairman of the Polish Financial Supervision Authority
⏰ 10:15 – 10:30
Poland's Presidency of the EU – strategic debate on the role of national capital markets in the Capital Markets Union.
⏰ 10:30 – 11:30
Networking break
⏰ 11:30 – 11:45
Presentation: “Climate Change and why we need sustainable finance”, Kamil Wyszkowski – Executive Director, UN Compact Network Poland, Co-Chair of the Sustainable Finance Platform
⏰ 11:45 – 12:00
The role and possibilities of the capital market in financing the energy transformation in Poland
⏰ 12:00 – 12:50
How will Polish and EU legislation change the Polish financial market in the coming years?
⏰ 12:50 – 13:40
Lunch
⏰ 13:40 – 14:40
How do regulations and the supervision model affect the competitiveness of the Polish capital market? What changes are desired by market participants?
⏰ 14:40 – 15:30
Presentation: “The individual investor in Poland: self-portrait vs. industry perspective”.
⏰ 15:30 – 15:45
Fireside chat: Digital wealth industry – developments in Europe versus the US.
⏰ 15:45 – 16:15
Networking break
⏰ 16:15 – 16:30
How to increase IPO's? How to attract and retain issuers on the Warsaw Stock Exchange?
⏰ 16:30 – 17:20
Cooperation between the stock exchange and the Private Equity sector – new directions of development.
⏰ 17:20 – 18:00
Gala on the occasion of the 25th anniversary of the Capital Market Conference
The article will be updated on an ongoing basis.
KWS
