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- Individual investors generated 16 percent (+3 pps. YoY) of trade in equities on the GPW Main Market in 2017. Foreign investors contributed 53 percent of trade (no change) and institutional investors 31 percent (-3 pps. YoY)
- On NewConnect, individual investors remained in the lead and generated 76 percent of trade, up by 3 pps. YoY. The share of institutional investors dropped to 16 percent (-3 pps. YoY) and the share of foreign investors remained at 8 percent.
- Domestic individual investors remained in the lead on the futures market in 2017 with a share of 51 percent of trade (+5 pps. YoY); the share of foreign investors increased by 1 percentage point; the share of institutional investors dropped to 30 percent
GPW Main Market
Foreign investors generated the biggest part of trade in equities on the GPW Main Market in 2017, similar to previous years. They contributed 53 percent of trade in equities, the same as in all of 2016. Foreign investors generated 55 percent of trade in H2 2017, i.e., 3 percentage points more than in H1 2017. Domestic individual investors contributed 31 percent of trade, a decrease of 3 percentage points year on year. Individual investors generated 14 percent of trade in equities on the GPW Main Market in H2 2017, an increase of 1 percentage point year on year.
Investment funds (with a share of 37 percent) were the leading group of institutional investors in H2 2017, followed by market makers (28 percent) and pension funds (14 percent).
Table 1. Structure of investors on the Main Market in shares [%]
Source: GPW survey of investment firms, estimates
NewConnect
On NewConnect, individual investors remained in the lead and generated 76 percent of trade in 2017, up by 3 percentage points year on year. The share of foreign investors in trade was 8 percent and the share of domestic institutions was 16 percent, down by 3 percentage points year on year. Investment funds were the leading group of domestic institutions, accounting for 56 percent of trade in equities on NewConnect in H2 2017, up from 31 percent in H2 2016. The share of market makers increased by 5 percentage points year on year to 15 percent and the share of firms to 10 percent.
Table 2. Structure of investors on NewConnect [%]
Source: GPW survey of investment firms, estimates
Derivatives market
Domestic individual investors were in the lead also on the derivatives market in 2017. Their share in the volume of trade on the futures market was 51 percent and their share in trade in options was 46 percent in 2017. The share of foreign investors in futures trading increased by 1 percentage point and their share in options by as much as 13 percent. The share of institutional investors in trade in futures decreased by 6 percentage points to 30 percent and their share in trade in options decreased by 8 percentage points to 25 percent of the total volume of trade. Market makers accounted for 56 percent of trade in futures generated by institutional investors and no less than 91 percent of trade in options by all domestic institutions in H2 2017.
Table 3. Structure of investors on the futures market [%]
Source: GPW survey of investment firms, estimates
Table 4. Structure of investors on the option market [%]
Source: GPW survey of investment firms, estimates
Table 5. Structure of investors on the structured product market [%]
Source: GPW survey of investment firms, estimates
Catalyst
The share in trade in bonds on Catalyst has been stable for four years, ever since the survey started to include bonds. The main share is that of domestic institutions at 58 percent in 2017. Institutional investors accounted for 39 percent of trade and foreign investors 3 percent.
Table 6. Structure of investors on the bond market [%]
The detailed results of the survey concerning the share of investors in trade in financial instruments are published on the GPW website http://www.gpw.pl/analizy.
GPW conducted a survey of the share of different investor groups (foreign investors, domestic institutional investors, domestic individual investors) in trade in financial instruments on the market in 2017. According to the applied methodology, the share of each investor group is based on the results of a survey of domestic brokerage houses, as well as turnover data of remote exchange members. The activity of market makers and management of clients’ portfolios were included in the category of domestic institutional investors. The survey covered trade on the GPW electronic order book. Annual figures are based on semi-annual numbers.
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The Warsaw Stock Exchange (GPW) is the biggest exchange in Central and Eastern Europe. GPW organises trade on one of the fastest growing capital markets in Europe. GPW operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. GPW is developing Catalyst, a market for issuers of corporate and municipal bonds. Towarowa Giełda Energii (TGE), a member of the GPW Group since February 2012, offers trade in electricity, natural gas, property rights and guarantees of origin, and CO2 emission allowances. Since 9 November 2010, GPW is a public company listed on Warsaw Stock Exchange. For more information, visit www.gpw.pl.
