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Individual investors generated 18 percent of trade on the GPW Main Market in equities in H1 2017 (+5 percentage points YoY), foreign investors generated 52 percent (-2 percentage points YoY), and institutional investors 30 percent (-3 percentage points YoY)
- Individual investors remained in the lead on NewConnect: their share in trade increased by 2 percentage points YoY to 77 percent in H1 2017. The share of institutional investors and the share of foreign investors decreased to 16 percent and 7 percent, respectively
- Domestic retail investors remained in the lead on the derivatives market with a share of 52 percent of trade in H1 2017
GPW Main Market
Foreign investors generated the biggest part of trade in equities on the GPW Main Market in H1 2017, similar to previous years. They contributed 52 percent of trade in equities representing a decrease of 2 percentage points YoY. Domestic institutional investors generated 30 percent of trade, i.e., 3 percentage points less than in H1 2016. Individual investors generated 18 percent of trade in H1 2017 (+5 percentage points YoY) as their contribution to total turnover remained stable in the past few six-month periods.
Investment funds were the leading group of domestic institutional investors in H1 2017 (with a share of 32 percent), followed by market makers (30 percent) and pension funds (14 percent).
Table 1. Investor structure on the Main Market in equities [%]
Source: GPW survey of investment firms, estimates
NewConnect
On NewConnect, retail investors remained in the lead and generated 77 percent of trade in H1 2017, i.e., 2 percentage points more than in H1 2016. The share of foreign investors in trade was 7 percent in H1 2017. The share of institutions in trade was 16 percent in H1 2017, a decrease of 1 percentage point YoY. Investment funds were the leading group of domestic institutions on NewConnect on H1 2017, accounting for 52 percent of trade in equities (an increase from 22 percent in H1 2016). Firms remained active investors on NewConnect (13 percent of trade), as did market makers (12 percent).
Table 2. Investor structure on NewConnect [%]
Source: GPW survey of investment firms, estimates
Derivatives market
Domestic retail investors were in the lead also on the derivatives market in H1 2017. Their share in the volume of trade was 52 percent. Their share in trade on the option market was 44 percent. The share of domestic institutions and foreign investors in the volume of trade in futures was 28 percent and 20 percent, respectively, in H1 2017. Foreign investors accounted for 31 percent of trade in options in H1 2017, an increase by 21 percentage points YoY and an increase of 10 percentage points compared to H2 2016.
Table 3. Investor structure on the futures market [%]
Source: GPW survey of investment firms, estimates
Table 4. Investor structure on the option market [%]
Source: GPW survey of investment firms, estimates
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 retail investors) in trade in financial instruments on the market in H1 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 one of the fastest growing securities exchanges in Central and Eastern Europe. GPW has been a market of first choice for local and international investors in Europe for 26 years. 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. The Polish Power Exchange (POLPX), a member of the GPW Group since February 2012, offers trade in electricity, natural gas, property rights, 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 http://www.gpw.pl.
