The Warsaw Stock Exchange will suspend trading on all markets from 15:15 to 16:15 on Monday due to the security of trading, the stock exchange said in a statement.
“GPW informs that today's (i.e. April 7, 2025, editor's note) trading (session) will be suspended on all markets from 15:15 to 16:15 due to the security of trading. From 16:15 to 16:30 there will be a phase of accepting orders and the resumption of continuous trading from 16:30” – informed the Quotation Department of the Warsaw Stock Exchange. The editorial office of Bankier.pl confirmed the authenticity of the announcement on GPW.
In the morning at 9:22 AM, the Warsaw Stock Exchange issued a statement in which it informed about “Exceptional Market Conditions” (extreme market conditions, editor's note) in a situation of unusual volatility resulting in the activation of volatility mechanisms in relation to most financial instruments.
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GPW provides for the possibility of declaring “extreme market conditions” in special cases, such as extraordinary price volatility or other exceptional circumstances. In such situations, special rules may be applied. GPW regulations on “Exceptional Market Conditions” allow for flexible adjustment of trading rules and obligations of market participants in order to ensure its stability and protect investors' interests in difficult situations. Although these situations are very rare, they are regulated by law.
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From unofficial information, we know that the reason for the decision to suspend trading was supposed to be concern for the stability of the quotation system and counteracting the situation of its automatic suspension, due to above-average volatility. Let us recall that this is the UTP system handling over 20 thousand orders per second, implemented in April 2013 and replacing the previous Warset system (handling about 850 orders per second).
The UTP system is an external solution, also used on the NYSE Euronext group exchanges (Paris, Amsterdam, New York). For several years, GPW has been working on its own WATS system (Warsaw Automated Trading System), which, after several postponements, is to be launched on November 10 this year.
Kuczyński: Suspension could have been connected to Wall Street
The suspension of the Warsaw Stock Exchange may be related to the start of the session on Wall Street; however, this would be unwise – assessed Xelion's chief analyst Piotr Kuczyński in an interview with PAP. I have been on the markets for 32 years and I have not seen anything like this – he added.
“I have no information as to why GPW suspended trading. It could be a cyberattack, a terrorist attack or maybe simply to stop people from selling nervously during the start of the session on Wall Street, but in my opinion that would be unwise,” Piotr Kuczyński, Xelion's chief analyst, told PAP. “I would also like to know what was behind it, because I have been on the markets for 32 years and I have never seen anything like that. The fact that trading is sometimes slowed down is normal, but something like this – you don't know what it is about,” he added.
He recalled that the American Wall Street has “Circuit Breakers”. “These are specific levels, during which when a specific index level falls, trading slows down or is stopped for 15 minutes – half an hour. But on the WSE this is not the case, because WIG20 lost 2 percent, which is nothing considering the current declines on the stock exchanges,” the PAP interlocutor emphasized.
GPW: Suspension due to record number of orders
The temporary suspension of trading on April 7, 2025 was due to a record number of broker orders since the beginning of the session, which could have led to a disruption of the stability of the trading system, GPW reported in a press release. It indicated that the number of operations on broker orders exceeded the average by over 300% and was 40% higher compared to the session on April 4, 2025.
“From the point of view of the WSE, this is an operational action, in line with the applicable procedures. In order to ensure that investors can make transactions at the close of the session and to maintain the security of trading, the chairman of the session (…) decided to temporarily suspend the acceptance of brokerage orders,” it was written.
“We are currently observing high market volatility, although in the past there have been sessions with even greater price fluctuations. This time, however, we were dealing with an exceptionally large number of incoming and modified orders, intensified by the activity of algorithmic trading strategies,” it added.
It was reported that, due to this, the WSE decided to suspend trading for an hour to avoid the risk of reaching the stability limits of the trading system.
“Security of trading requires ensuring equal conditions of access to placing orders and market information for all participants, as well as a guarantee of clearing and settlement of concluded transactions,” it was written.
PAP/MKu
