Share Of Investors In Financial Instrument Turnover On GPW In H1 2022

• Foreign investors generated 63 percent of GPW Main Market equities turnover in H1 2022 (+8 pps YoY), a record-high H1 share in a decade. Domestic individual investors generated 18 percent of turnover (-6 pps YoY) and institutional investors generated 19 percent (-2 pps YoY).
• Individual investors remained in the lead on NewConnect as their share in turnover was 83 percent (-5 pps YoY). The share of institutional investors increased to 11 percent (+5 pps YoY). The share of foreign investors remained stable year on year at 6 percent in H1 2022.
• The share of individual investors in futures turnover increased by 1 pps to 35 percent and the share of institutional investors decreased by 8 pps to 29 percent in H1 2022. The share of foreign investors increased by 7 pps to 36 percent, a historical record both for H1 and throughout a year in a decade.

 

 

GPW Main Market

Foreign investors had the biggest share in GPW Main Market equities turnover in H1 2022. It stood at 63 percent, representing an increase of 8 percentage points year on year. It was and a record-high H1 share in a decade. The share of domestic individual investors in turnover stood at 18 percent, a decrease of 6 percentage points year on year. Domestic institutional investors generated 19 percent of turnover, a decrease of 2 percentage points year on year. Among all domestic institutions in H1 2022, market makers and other institutions[1] were in first place with the same share of 27.5 percent, followed by firms in third place (17.5 percent).

Table 1. Structure of investors on the Main Market in equities [%]

Source: GPW data based on broker’s orders of Exchange Members

 

NewConnect

Domestic individual investors are in the lead on New Connect. They generated 83 percent of turnover in H1 2022, a decrease of 5 percentage points year on year. Foreign investors generated 6 percent of turnover in H1 2022, the same as in H1 2021. The share of institutions in turnover was 11 percent, an increase of 5 percentage points year on year. Among institutional investors trading on NewConnect in H1 2022, firms generated 39.7 percent of trading, market makers generated 27.9 percent, and other institutions 27.5 percent.

Table 2. Structure of investors on NewConnect [%]

Source: GPW data based on broker’s orders of Exchange Members

 

Derivatives Market

Domestic individual investors generated 35 percent of futures turnover (+1 pps YoY) and 44 percent of options turnover (+2 pps YoY) in H1 2022. The share of foreign investors in futures turnover increased by 7 percentage points year on year to 36 percent, a historical record both in H1 and throughout the year in a decade. The share of foreign investors in options turnover remained stable at 35 percent, the highest H1 percentage in years. The share of institutional investors in futures turnover decreased to 29 percent in H1 2022 (-8 pps YoY) while their share in options turnover decreased to 21 percent (-2 pps YoY). The share of foreign investors and individual investors in structured products turnover stood at 50 percent each.

 

Table 3. Structure of investors on the futures market [%]

Source: GPW data based on broker’s orders of Exchange Members

 

Table 4. Structure of investors on the options market [%]

Source: GPW data based on broker’s orders of Exchange Members

 

Table 5. Structure of investors on the structured products market [%]

Source: GPW data based on broker’s orders of Exchange Members

 

Catalyst

The share of domestic individual investors in Catalyst bonds turnover increased by 16 percentage points year on year to 42 percent in H1 2022. The share of foreign investors remained stable at 1 percent. The share of institutional investors decreased to 57 percent (-16 pps YoY).

 

Table 6. Structure of investors on the bonds market [%]

Source: GPW data based on broker’s orders of Exchange Members

 

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/analysis-investor-share-in-trading.   

In 2021, to present the data, GPW modified its methodology of sourcing data necessary to calculate the share of different groups of investors in turnover on the exchange. Such data are now sourced from broker’s orders placed in the Exchange’s trading system. As a result, the aggregation and presentation of data on the percentage share of domestic individual investors was modified. The number of online accounts is determined in a GPW survey covering domestic brokers. The number of active investment accounts is sourced from the Exchange’s trading system and represents the number of accounts for which at least one order was placed on GPW in the period under review.

 

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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 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