- Retail investors generated one-fourth of equity turnover on the GPW Main Market in 2020 (+13 pps YoY), which is the best result since 2009. Foreign investors contributed 56 percent of turnover (-7 pps YoY) while institutional investors generated 19 percent (-6 pps YoY).
- On NewConnect, retail investors remained in the lead: their share in turnover increased by 6 pps to a high 92 percent. The share of institutional investors dropped to 4 percent (-7 pps YoY). The share of foreign investors increased by 1 pp year on year to 4 percent.
- Retail investors remained in the lead on the futures market in 2020 with a share of 41 percent of turnover (-6 pps YoY). The share of institutional investors increased by 1 pp to 36 percent while the share of foreign investors increased by 5 pps year on year to 23 percent.
GPW Main Market
Foreign investors once again boasted the biggest share of equity turnover on the GPW Main Market in 2020. They generated 56 percent of turnover, i.e., 7 percentage points less than in 2019. Foreign investors generated 55 percent of turnover in H2 2020, i.e., 3 percentage points less than in H1 2020. Domestic retail investors generated 18 percent of turnover in H2 2020, a decrease of 2 percentage points compared to H1 2020. The share of retail investors in equity turnover on the GPW Main Market increased to 27 percent in H2 2020, which is the best result in over a decade, and more than doubled year on year (+16 percentage points).
Market makers (with a share of 31 percent) were the leading group of institutional investors in H2 2020, followed by investment funds (27 percent), pension funds and firms (12 percent each).
Table 1. Structure of investors on the Main Market in equities [%]
Source: GPW survey of investment firms, estimates
NewConnect
On NewConnect, retail investors had the biggest share of turnover at a high 92 percent in 2020, up by 6 percentage points year on year. The share of foreign investors in turnover was 4 percent, an increase of 1 percentage point year on year. The share of institutional investors decreased by 7 percentage points year on year to 4 percent. Market makers were the leading group of domestic institutions, accounting for 29 percent of equity turnover on NewConnect in H2 2019 (+13 percentage points year on year), followed by firms with 28 percent (+13 percentage points year on year) and investment funds with 27 percent (-25 percentage points year on year).
Table 2. Structure of investors on NewConnect [%)
Source: GPW survey of investment firms, estimates
Derivatives Market and Structured Products Market
Domestic retail investors were in the lead on the derivatives market in 2020. Their share in the futures turnover volume was 41 percent and their share options turnover was 44 percent in 2020. The share of foreign investors in futures turnover increased by 5 percentage points year on year to 23 percent while their share in options turnover increased by 8 percentage points to 36 percent. The share of institutional investors in futures turnover increased by 1 percentage point year on year to 36 percent while their share in options turnover decreased by 9 percentage points year on year to 20 percent. Market makers accounted for 27 percent of futures turnover and 45 percent of options turnover among all domestic institutions in H2 2020. The share of foreign investors and the share of retail investors on the structured products market was 49 percent and 50 percent, respectively.
Table 3. Structure of investors on the futures market [%]
Source: GPW survey of investment firms, estimates
Table 4. Structure of investors on the options market [%]
Source: GPW survey of investment firms, estimates
Table 5. Structure of investors on the structured products market [%]
Source: GPW survey of investment firms, estimates
Catalyst
Bonds turnover on Catalyst is dominated by domestic institutions (63 percent in 2020 vs. 62 percent in 2019). Retail investors generated 37 percent of turnover in 2020 and their share was stable year on year.
Table 6. Structure of investors on the bonds market [%]
Source: GPW survey of investment firms, estimates
The detailed results of the survey concerning the share of investors in financial instruments turnover 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 retail investors) in financial instruments turnover on the market in 2020. 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 turnover in the GPW electronic order book. Annual figures are based on semi-annual numbers.
