Share Of Investors In Financial Instrument Turnover On GPW In H1 2023

• Foreign investors generated 65 percent of GPW Main Market equities turnover in H1 2023 (+2 pps YoY), a record-high H1 share in a decade. Domestic individual investors generated 17 percent of turnover (-1 pps YoY) and institutional investors generated 18 percent (-1 pps YoY).
• Individual investors remained in the lead on NewConnect as their share in turnover was 85 percent (+2 pps YoY). The share of institutional investors decreased to 9 percent (-2 pps YoY). The share of foreign investors remained stable year on year at 6 percent in H1 2023.
• The share of individual investors in futures turnover decreased by 3 pps to 32 percent and the share of institutional investors increased by 3 pps to 32 percent in H1 2023. The share of foreign investors remained stable year on year at 36 percent.

GPW Main Market

Foreign investors had the biggest share in GPW Main Market equities turnover in H1 2023. It stood at 65 percent, representing an increase of 2 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 17 percent, a decrease of 1 percentage point year on year. Domestic institutional investors generated 18 percent of turnover, a decrease of 1 percentage point year on year. Among all domestic institutions in H1 2023, other institutions1 were in first place with a share of 28.4 percent, followed by market makers at 25.8 percent and by investment fund companies in third place (18.8 percent).

Table 1. Investors structure on the Main Market in shares (%)

Source: GPW data based on Exchange Members’ broker orders

NewConnect

Domestic individual investors are in the lead on New Connect. They generated 85 percent of turnover in H1 2023, an increase of 2 percentage points year on year. Foreign investors generated 6 percent of turnover in H1 2023, the same as in H1 2022. The share of institutions in turnover was 9 percent, a decrease of 2 percentage points year on year. Among institutional investors trading on NewConnect in H1 2023, firms generated 41.0 percent of turnover, market makers generated 34.5 percent, and other institutions 17.9 percent.

Table 2. Investors structure on NewConnect in shares (%)

Source: GPW data based on Exchange Members’ broker orders

Derivatives Market

Domestic individual investors generated 32 percent of futures turnover (-3 pps YoY) and 40 percent of options turnover (-4 pps YoY) in H1 2023. The share of foreign investors in futures turnover was 36 percent, remaining stable year on year. The share of foreign investors in options turnover remained stable year on year at 35 percent, the highest H1 share in recent years. The share of institutional investors in futures turnover increased to 32 percent in H1 2023 (+3 pps YoY) while their share in options turnover increased by 4 pps year on year to 25 percent. The share of foreign investors and individual investors in structured products turnover stood at 50 percent each, the same as in H1 2022.

Table 3. Investors structure on the futures market (%)

Source: GPW data based on Exchange Members’ broker orders

Table 4. Investors structure on the options market (%)

Source: GPW data based on Exchange Members’ broker orders

Table 5. Structure on the structured products market (%)

Source: GPW data based on Exchange Members’ broker orders

Catalyst

The share of domestic individual investors in Catalyst bond turnover decreased by 4 percentage points year on year to 38 percent in H1 2023. The share of foreign investors remained stable at 1 percent. The share of institutional investors increased to 61 percent (+4 pps YoY).

Table 6. Investors structure on the bond market (%)

Source: GPW data based on Exchange Members’ broker orders

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, 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.