- Individual investors generated 13 percent (+1 pps YoY), foreign investors generated 59 percent (+3 pps YoY), and individual investors generated 28 percent (-4 pps YoY) of trading on the GPW Main Market in equities.
- Individual investors remained in the lead on NewConnect as their share in trading increased by 4 pps YoY to 84 percent in H1 2019. The share of institutional investors dropped to 13 percent (-3 pps YoY) and the share of foreign investors dropped by 1 pps to 3 percent.
- Domestic individual investors remained in the lead on the market in futures with a share of 50 percent in H1 2019 (+3 pps YoY). The share of institutional investors (30 percent) dropped by 7 pps while the share of foreign investors increased to 20 percent (+4 pps YoY).
GPW Main Market
Foreign investors generated the biggest part of trading in equities on the GPW Main Market in H1 2019. They contributed 59 percent of trading in equities, representing an increase of 3 percentage points year on year. Domestic institutional investors generated 28 percent of trading, i.e., 4 percentage points less than in H1 2018. Individual investors generated 13 percent of trading in H1 2019, an increase of 1 percentage point year on year and an increase of 1 percentage point half-year to half-year.
Market makers were the leading group of domestic institutional investors in H1 2019 for the first time in four years with a share of 33 percent, followed by investment funds at 31 percent. Exchange Members came third in H1 2019 with a share of 14 percent in trading.
Figure 1. Structure of investors on the Main Market in equities [%]
Source: GPW survey of investment firms, estimates
NewConnect
Retail investors are in the lead on New Connect and their share is steadily rising. They generated 84 percent of trading in H1 2019, an increase of 4 percentage points year on year. The share of foreign investors in trading was 3 percent in H1 2019, down by 1 percentage point year on year. The share of institutions in trading was 13 percent in H1 2019, down by 3 percentage points year on year and up by 1 percentage point compared to H2 2018. Investment funds were by far the leading group on NewConnect in H1 2019, accounting for 51 percent of trading. Market makers generated 17 percent of trading and firms 12 percent.
Figure 2. Structure of investors 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 2019. Their share in the volume of trading in futures was 50 percent (up by 3 percentage points year on year) while their share in trading in options was 40 percent (down by 5 percentage points year on year). The share of foreign investors increased by 4 percentage points for futures (20 percent) and by 1 percentage point for options (26 percent). The share of institutional investors in trading in futures dropped to 30 percent in H1 2019 (down by 7 percentage points) but their share in trading in options increased to 34 percent (up by 4 percentage points year on year). Market makers were in the lead both on the futures market and the option market in H1 2019 as they generated 53 percent and 51 percent of trading, respectively.
Figure 3. Structure of investors on the futures market [%]
Source: GPW survey of investment firms, estimates
Figure 4. Structure of investors on the option market [%]
Source: GPW survey of investment firms, estimates
Catalyst
The share of domestic retail investors in trading in bonds on Catalyst increased to 40 percent in H1 2019 (up by 2 percentage points year on year). The share of institutional investors decreased by 3 percentage points year on year to 59 percent and the share of foreign investors increase to 1 percent. Market makers were in the lead with a share of 43 percent.
Figure 5. 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/analysis-investor-share-in-trading.
GPW conducted a survey of the share of different investor groups (foreign investors, domestic institutional investors, domestic retail investors) in trading in financial instruments on the market in H1 2019. 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.
***
The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including 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
