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Share of Investors in Financial Instrument Trade on GPW

2018-08-10 18:01:03

Share of Investors in Financial Instrument Trade on GPW
in H1 2018

 

PRESS RELEASE

 

  • Foreign investors generated 56 percent (+4 percentage points YoY), institutional investors generated 32 percent (+1 percentage points YoY) and individual investors generated 12 percent (-6 percentage points YoY) of trade on the GPW Main Market in equities.
  • Individual investors remained in the lead on NewConnect as their share in trade increased by 3 percentage points YoY to 80 percent in H1 2018. The share of foreign investors dropped to 4 percent and the share of institutional investors remained stable at 16 percent.
  • Domestic individual investors remained in the lead on the market in futures and options with a share of 47 percent and 45 percent, respectively.


GPW Main Market

Foreign investors generated the biggest part of trade in equities on the GPW Main Market in H1 2018, similar to previous years. They contributed 56 percent of trade in equities, representing a decrease of 4 percentage points YoY. Domestic institutional investors generated 32 percent of trade, i.e., 2 percentage points more than in H1 2017. Individual investors generated 12 percent of trade in H1 2018 (-2 percentage points YoY) due to weaker conditions on the stock market.

Investment funds were the leading group of domestic institutional investors in H1 2018 (with a share of 31 percent), followed by market makers (29 percent) and by pension funds and proprietary traders (14 percent each).

Figure 1. Investor structure on the Main Market in equities [%]

Source: GPW survey of investment firms, estimates

NewConnect

On NewConnect, retail investors remained in the lead and generated 80 percent of trade in H1 2018, i.e., 3 percentage points more than in H1 2017. The share of foreign investors in trade was 4 percent in H1 2018. The share of institutions in trade was 16 percent in H1 2018, the same as in H1 2017.

Investment funds were the leading group of domestic institutions on NewConnect on H1 2018, accounting for 62 percent of trade in equities (an increase from 52 percent in H1 2017). Market makers were active investors on NewConnect in H1 2018 (13 percent of trade), as were firms (9 percent).

Figure 2. Investor structure 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 2018. Their share in the volume of trade in futures was 47 percent, down by 5 percentage points year on year. Their share in trade on the option market was 45 percent. The share of domestic institutions and foreign investors in the volume of trade in futures was 37 percent and 16 percent, respectively, in H1 2018. Foreign investors accounted for 25 percent of trade in options in H1 2018 while institutional investors generated 30 percent of the trade.

Individual investors accounted for one half of the trade in structured instruments in H1 2018 while foreign investors accounted for the other half.

Figure 3. Investor structure on the futures market [%]

 
Source: GPW survey of investment firms, estimates


Figure 4. Investor structure on the option market [%]

Source: GPW survey of investment firms, estimates

Figure 5. Structure of investors on the structured product market [%]

Source: GPW survey of investment firms, estimates

 

Catalyst

The share in trade in bonds on Catalyst has been stable for four years, ever since the survey started to include bonds. The main share is that of domestic institutions at 62 percent in H1 2018, up by 4 percentage points year on year. Individual investors accounted for 38 percent of trade while foreign investors pulled out of the market (-4 percentage points year on year in H1 2018).

 

Figure 6. Structure of investors on the bond market [%]

The detailed results of the survey concerning the share of investors in trade 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 trade in financial instruments on the market in H1 2018. 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 trade on the GPW Electronic Order Book. Annual figures are based on semi-annual numbers.