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Investors in WSE Trading Activity in the First Half of 2026
In the first half of 2026, the trading structure confirmed the continued strong interest of international capital in the Polish equity market. The share of foreign investors in trading on the WSE Main Market reached a record 73%, corresponding to a turnover value of nearly PLN 453 billion. During the same period, domestic retail investors increased their trading activity to PLN 78 billion while maintaining a 13% market share, whereas domestic institutional investors generated approximately PLN 87 billion in turnover, with their share declining to 14%.
The Warsaw Stock Exchange (WSE) has published the results of its survey on investor participation in exchange trading and investment activity during the first half of 2026. The data confirm the ongoing internationalisation of the equity market, with foreign investors accounting for an increasing share of trading on the WSE Main Market. Compared with the corresponding period of 2025, domestic financial institutions strengthened their position in the derivatives and bond markets. In addition, market data show that the number of brokerage accounts in Poland increased to more than 2.91 million, while the number of active accounts exceeded 444,000, representing one of the highest levels in history.
WSE Main Market
On the WSE Main Market, foreign investors further reinforced their dominant position in the first half of 2026, generating approximately PLN 453 billion in equity turnover and accounting for 73% of total trading activity. Domestic retail investors generated PLN 78 billion in turnover, while domestic institutional investors accounted for PLN 87 billion. The data confirm the stabilisation of retail investor activity and a declining share of domestic institutional investors in equity trading.
NewConnect
On the NewConnect market, retail investors retained their dominant position, generating approximately PLN 1.93 billion in turnover and securing an 84% market share. The share of foreign investors increased to PLN 163 million (7%), while domestic institutional investors generated PLN 219 million (9%), confirming the predominantly retail nature of the alternative market.
Derivatives Market
In the futures market, institutional investors constituted the largest group in the first half of 2026, executing approximately 6 million contracts and accounting for 41% of total turnover. During the same period, foreign investors were responsible for nearly 4.6 million contracts (31%), while retail investors reached a volume of 4.1 million contracts (28%).
In the options market, retail investors executed almost 111,000 contracts, making them the largest investor group with a 56% share of trading activity. Foreign investors accounted for nearly 45,000 contracts (23%), while institutional investors executed approximately 41,000 contracts (21%).
The structured products market was divided almost equally between two investor groups: foreign investors generated approximately PLN 2.24 billion in turnover (50%), while retail investors accounted for around PLN 2.17 billion (48%). The share of institutional investors was marginal, amounting to just under PLN 73 million (2%).
Table 1. Investor Structure on the WSE Main Equity Market (%)
Source: WSE data, based on brokerage orders submitted by Exchange Members
Table 2. Investor Structure on the NewConnect Market (%)
Source: WSE data, based on brokerage orders submitted by Exchange Members
Table 3. Investor Structure in the Futures Market (%)
Source: WSE data, based on brokerage orders submitted by Exchange Members
Table 4. Investor Structure in the Options Market (%)
Source: WSE data, based on brokerage orders submitted by Exchange Members
Table 5. Investor Structure in the Structured Products Market (%)
Source: WSE data, based on brokerage orders submitted by Exchange Members
Catalyst
Similarly to previous periods, institutional investors dominated trading on the Catalyst bond market in the first half of 2026, generating approximately PLN 6.4 billion in turnover, which accounted for 68% of total market activity. Domestic retail investors were responsible for approximately PLN 2.9 billion in turnover (31%), while the share of foreign investors remained negligible at PLN 36 million (1%).
Table 6. Investor Structure in the Bond Market (%)
Source: WSE data, based on brokerage orders submitted by Exchange Members
The data for the first half of 2026 confirm the continuing specialization of the Polish capital market. The WSE Main Market is becoming increasingly dominated by foreign investors, NewConnect continues to serve as a predominantly retail market, while Catalyst remains driven primarily by institutional investors. This highlights the growing maturity and diversification of the Warsaw Stock Exchange, which attracts both global capital and active domestic investors, further strengthening its position within the Central and Eastern European region.
In 2021, the Warsaw Stock Exchange changed the methodology used to collect data for calculating the share of individual investor groups in exchange trading activity. Currently, the data are derived from brokerage orders submitted to the Exchange’s trading system. As a result, the method of aggregating and presenting data relating to the percentage structure of domestic retail investors has also been revised. Data regarding the number of online brokerage accounts are obtained through surveys conducted by the WSE among domestic brokerage houses. Information on the number of active investment accounts is sourced directly from the Exchange’s trading system. An active investment account is defined as an account from which at least one order was submitted to the WSE during the period under review.
The full and detailed results of the survey on investor participation in trading financial instruments are available on the WSE website at: GPW Main Market - Analysis - investor share in trading.