- Individual investors generated 12 percent (-4 pps. YoY) of trading in equities on the GPW Main Market in 2018. Foreign investors contributed 59 percent of trading (+6 pps. YoY) and institutional investors 29 percent (-2 pps. YoY).
- On NewConnect, individual investors remained in the lead and generated 83 percent of trading, up by 7 pps. YoY. The share of institutional investors dropped to 14 percent (-2 pps. YoY). The share of foreign investors dropped to 3 percent (-5 pps. YoY).
- Domestic individual investors remained in the lead on the futures market in 2018 with a share of 48 percent of trading (-3 pps. YoY). The share of foreign investors decreased by 2 pps. (17 percent) and the share of institutional investors increased to 35 percent (+5 pps. YoY).
GPW Main Market
Foreign investors generated the biggest part of trading in equities on the GPW Main Market in 2018, similar to previous years. They contributed 59 percent of trading in equities, 6 percentage points more than in 2017. Foreign investors generated 61 percent of trading in H2 2018, i.e., 5 percentage points more than in H1 2018. Domestic individual investors contributed 29 percent of trading, a decrease of 2 percentage points year on year. Individual investors generated 12 percent of trading in equities on the GPW Main Market in H2 2018, a decrease of 2 percentage points year on year.
Investment funds (with a share of 33 percent) were the leading group of institutional investors in H2 2018, followed by market makers (22 percent) and Exchange Members (12 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 83 percent of trading in 2018, up by 7 percentage points year on year. The share of foreign investors in trading was 3 percent and the share of domestic institutions was 14 percent, down by 2 percentage points year on year. Investment funds were the leading group of domestic institutions, accounting for 47 percent of trading in equities on NewConnect in H2 2018, down from 56 percent in H2 2017.
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 2018. Their share in the volume of trading on the futures market was 48 percent and their share in trading in options was 46 percent in 2018. The share of foreign investors in futures trading decreased by 2 percentage points and their share in options by 3 percentage points. The share of institutional investors in trading in futures increased by 5 percentage points to 35 percent and their share in trading in options decreased by 3 percentage points to 28 percent of the total volume of trading. Market makers accounted for 54 percent of trading in futures generated by institutional investors and no less than 92 percent of trading in options by all domestic institutions in H2 2018. The share of foreign investors and that of individual investors on the structured products market was 50 percent each.
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 trading in bonds on Catalyst has been stable for five years, ever since the survey started to include bonds. The main share is that of domestic institutions at 59 percent in 2018. Institutional investors accounted for 41 percent of trading.
Table 6. Structure of investors on the bond market [%]
Source: GPW survey of investment firms, estimates
The detailed results of the survey concerning the share of investors in trading in financial instruments are published on the GPW website https://www.gpw.pl/analizy.
GPW conducted a survey of the share of different investor groups (foreign investors, domestic institutional investors, domestic individual investors) in trading in financial instruments on the market in 2018. 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 trading on the GPW electronic order book. Annual figures are based on semi-annual numbers.
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The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and calculates the benchmarks WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl
