GPW, together with Polish state fund PFR, was one of more than 10 foreign stock exchanges that showed interest in buying a controlling 71.7 percent stake in the Tel Aviv Stock Exchange, which was demutualised last September to become a for-profit exchange.
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Business daily Parkiet, citing sources close to the Israeli government, said the recent crisis in diplomatic relations after Poland enforced a law making it a criminal offence to suggest Poland was complicit in the Holocaust, was the reason why the GPW bid would not be considered.
"We are awaiting an official response from TASE," GPW said in an emailed response to Reuters when asked to comment.
A spokeswoman for TASE declined to comment when contacted by Reuters.
Israeli officials have said the law amounts to Holocaust denial.