Strong interest of investors in derivative instruments listed on the WSE was confirmed in February. After the record-high year 2007 and January 2008, February was another month of very active trading on the derivative instruments market.
The volume of trading in all derivative instruments was close to 1.1 million instruments, and 2.4 million in January-February 2008, nearly 25% of the volume of trading in all of 2007.
The volume of trading in all derivative instruments over the past 12 months (March 2007 – February 2008) was for the first time in history higher than 11 million contracts. This attests to continually growing interest of investors (including increasingly foreign investors) in the Polish market of derivative instruments.
The growth in the volume of trading was combined with a significant growth in the number of open interest: close to 136 thousand at the end of the month. The previous record-high number of open interest at the end of the month was 130 thousand contracts in January 2008.- The volume of trading in WIG20 contracts was 1.04 million contracts, for the third time in history higher than 1 million contracts:
- The number of open interest at the end of the month was over 85 thousand contracts, the second highest number of open positions in the history of trading in this instrument (the record-high number of open interest at the end of the month was 87 thousand contracts in January 2008);
- The average daily volume of trading in WIG20 contracts was 49.4 thousand futures contracts;
- Nearly 1.7 million orders were submitted on the market, only slightly less than the record-high January figure.
- The volume of trading in stock contracts was very high, close to 23 thousand contracts. The volume of trading in this instrument was 114,021 contracts in all of 2007 (average of 9.5 thousand per month).
- The volume of trading in currency futures contracts was record-high. The volume was 3,617 contract (6,217 contracts year to date, more than in all of 2007 when the volume was slightly above 6 thousand contracts). The number of open interest in currency futures contracts was also record-high in the history of trading in this instrument: 1,526 contracts.
- The volume of trading in mini WIG20 index participation units was 1,116 contracts.
- The volume of trading in WIG20 index options was close to 21 thousand contracts in February.
- The monthly trading in all structured products was the highest in WSE history: over PLN 25 million, up by 155% compared to the record-high trading in January 2008.
- The volume of trading was close to 107 thousand instruments.
- The number of transactions in all structured products was 643, up by 6.1% month on month.
- 7 series of Unicredit HVB structured certificates are listed on the WSE since 13 February. The number of structured products listed on the WSE has since been 19 (previously 12).
- At the trading session on 13 February 2008, the total volume of trading in structured certificates per session was 58,750 instruments, the historical record. The volume of trading in all structured certificates was higher than the previous record of 27 November 2007 (51,640 instruments per session).
Table 1
Volume of trading (including block trades) in February 2008 and in March 2007 – February 2008 (past 12 months) and the number of open interest at the end of February 2008, by derivative instrument category.
LP |
Instruments |
Volume of trading
(#) |
Number of open
interest, end of February 2008 (#) |
|
Feb 2008 |
Mar 2007 - Feb 2008 |
|
||
1 |
WIG20 CONTRACTS |
1 036 597 |
10 468 479 |
85 047 |
2 |
mWIG40 CONTRACTS |
1 404 |
21 368 |
417 |
3 |
TECHWIG CONTRACTS |
293 |
7 317 |
45 |
4 |
STOCK CONTRACTS |
22 767 |
153 908 |
8 925 |
5 |
CURRENCY CONTRACTS |
3 617 |
12 979 |
1 526 |
7 |
WIG20 INDEX
PARTICIPATION UNITS |
1 116 |
30 393 |
6 316 |
8 |
WIG20 OPTIONS |
20 882 |
397 222 |
33 412 |
|
TOTAL |
1 086 676 |
11 091 666 |
135 688 |
Source: WSE data
Figure 1
Annual volume of trading (including block trades) in all derivative instruments since 1998, and the volume of trading in January-February 2008 (million instruments)
 |
Figure 2
Total number of open interest in all derivative instruments at the end of the year since 1998, and at the end of February 2008 (thousand positions)
 |
