GPW 2007 – NOWA JAKOŚĆ

GPW 2007 – NOWA JAKOŚĆINVESTORS

AND EXCHANGE TRADING

IN 2010

Survey Summary

2

• Survey format: questionnaire survey; respondents provided exact figures;

• Respondents: 28 domestic WSE Members;

• Timing: January-February 2011;

• Period covered: H2 2010, annual data aggregated based on H1 and H2 results;

• Functions of market makers and managers of clients’ portfolios considered a part of activities of a domestic institutional investor;

• Survey covered trading in sessions on the WSE;

Methodology

3

MAIN LIST – SHARES

4

Key Developments

• Trading in shares totalled over PLN 207 billion in 2010, up by 24% YoY;

• WIG20 gained 14.8% in 2010, mWIG40 19.5% and sWIG80 10.2%;

• There were 34 IPOs totalling PLN 15.6 billion.

0,0

500,0

1000,0

1500,0

2000,0

2500,0

3000,0

0

10

20

30

40

50

60

70

Q1 Q2 Q3 Q4

WIG

20

, qu

arte

r e

nd

Va

lue

of

tra

din

g (

PL

N b

illi

on

)

5

Retail Investors

18 17

2826

20 19

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

26

35

30

18

27

19

2005 2006 2007 2008 2009 2010

50

6368

74 73 76 74

29

49

6065 69 70 72

2005 2006 2007 2008 2009 2010H1 2010H2

orders transactions

Share in trading (6 months) Share in trading (12 months)

Online orders and transactions

6

Institutional Investors

4137 37 37

33 35

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

Domestic institutions (2010H1)

Investment funds; 44

Pension funds; 21

Market makers; 17

Dealers; 5

Other; 13


Pension funds; 22

Market makers; 22

Asset Management; 4

Other; 15

3334

37

39

37

34

2005 2006 2007 2008 2009 2010



7

UK; 60

France; 13

Czech Rep.; 8

Austria; 6

Other; 13

41

31 33

4336

47

2005 2006 2007 2008 2009 2010

Foreign investors

4146

35 37

47 46

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

Foreign brokers (2010H1)

Share in trading (12 months)Share in trading (6 months)


UK; 84

Belgium; 3

Hungary; 3Austria; 3 Other; 7

8

NEWCONNECT

9

Key Developments

• Trading in sessions totalled PLN 1.8 billion in 2010 and more than tripled YoY;

• NCIndex gained 27.6% in 2010, the highest increase of all exchange indices;

• Record-high number of 86 IPOs; the value of IPOs totalled PLN 237 million, nearly 5 times more than in 2009.

50

52

54

56

58

60

62

64

66

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100

200

300

400

500

600

700

Q1 Q2 Q3 Q4

NC

I, q

uar

ter

end

Val

ue

of t

rad

ing

(PL

N b

illi

on

)

10

Retail Investors

9291

92

88

92

84

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2


92 92

89

87

2007 2008 2009 2010

• The share of on-line orders in total orders on NewConnect was 81%;

• Retail investors generated 85% of online trading;

11

Institutional Investors

6

87

10

7

13

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2




56

1011

2007 2008 2009 2010

Companies; 35

Market makers; 29


Dealers; 3

Other; 11

Companies; 34

Market makers; 31


Dealers; 7

Other; 13

12

Foreign Investors

2

1 1

2 2

3

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2


Share in trading (12 months)Share in trading (6 months)


3

2 2 2

2007 2008 2009 2010

Czech Rep.; 40

Other; 60

Austria; 23

USA; 7

UK; 11

Other; 59

13

DERIVATIVES

14

Key Developments

• The volume of trading in futures contracts and options was record-high at 14.7 million instruments in 2010;

• New futures contracts on shares of listed companies were introduced to trading, the number of market makers of derivative instruments increased;

• New short selling rules introduced in H2 will drive further growth of derivatives trading;

135

140

145

150

155

160

165

170

175

180

185

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q1 Q2 Q3 Q4

Nu

mb

er o

f op

en in

tere

st (t

ho

u.)

Vo

lum

e o

f tra

din

g (t

ho

u.)

15

52

54 54

5152

47

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

Retail Investors – Contracts

5851 52

63 58

72

5864

7366

5969 71 75 78 78 80 83 85 83

2006H1 2006H2 2007H1 2007H2 2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

orders transactions



16

Market makers; 67


Dealers; 6

Other; 10

38

36

35

39

36

37

2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

Institutional Investors – Contracts

Market makers; 61


Dealers; 16

Other; 6


Domestic institutions (2010H1) Domestic institutions (2010H2)

17

Foreign Investors – Contracts

Austria; 54

UK; 31

France; 9

Czech Rep.; 1Other; 5 Austria; 14

UK; 64

France; 4

Other; 18


Foreign brokers (2010H1) Foreign brokers (2010H2)

18

Retail Investors – Options

6559

49

69 7079

49

87

6979

6167 68 73

81 86 89 85 86 91

2006H1 2006H2 2007H1 2007H2 2008H1 2008H2 2009H1 2009H2 2010H1 2010H2

orders transactions



Banks; 67

Market makers; 27

Investment funds; 4

Other; 2

Institutional Investors – Options

Banks; 9

Market makers; 83

Investment funds; 5

Other; 3

19


Domestic institutions (2010H2)Domestic institutions (2010H1)

20Austria; 96

UK; 1Other; 3

Foreign Investors – Options

Austria; 9

UK; 72

Other; 19


Foreign brokers (2010H1) Foreign brokers (2010H2)

21

CATALYST

22

Key Developments

• The number of listed instruments increased from 35 in 2009 to 97 at 2010 YE; the value of issues totalled PLN 21.5 billion at 2010 YE;

• The biggest category of listed bonds are corporate bonds (41 issues) followed by municipal bonds (27 series); 12 series of co-operative bank bonds are in trading since July;

• Trading in bonds totalled PLN 751 million in 2010, including over PLN 620 million of corporate bonds.0

20

40

60

80

100

120

0

5

10

15

20

25

Q1 Q2 Q3 Q4

Nu

mb

er o

f iss

ues

, qu

arte

r en

d

Val

ue

of i

ssu

es (

PL

N m

illi

on

)

value of issues number of instruments

23

SUMMARY

24

• The number of online accounts operated by brokers crossed the mark of 700 thousand for the first time ever

• The number of online accounts has grown by a factor of 7 since 2005, from 115 thousand to 773 thousand

Number of Securities Accounts

822 877 997 8801 099

1 444

192 219 239 166 255 380

2005 2006 2007 2008 2009 2010

total active

115187

293 352420

773

2005 2006 2007 2008 2009 2010

• Record-high IPOs organised by the State Treasury attracted new investors to the stock exchange: the number of securities accounts increased to a record-high 1.44 million

• The number of active accounts (at least 1 transaction in the surveyed period) is 26%.

Total accounts Online accounts

25

Investors Instruments 2005 2006 2007 2008 2009 2010

Foreign Shares ML 41 31 33 43 36 47

Shares NC 3 2 2 2

Contracts 5 9 10 10 11 14

Options 1 3 12 12 4 12

Retail Shares ML 26 35 30 18 27 19

Shares NC 92 92 88 87

Contracts 77 66 56 53 52 50

Options 75 71 53 58 65 60

Institutional Shares ML 33 34 37 39 37 34

Shares NC 5 6 10 11

Contracts 18 25 34 37 37 36

Options 24 26 35 30 31 28

Summary – Percentage Share

26

Summary – Value

Investors Instruments 2005 2006 2007 2008 2009 2010

Foreign Shares ML (PLN M) 35 845.4 48 492.7 75 900.4 68 119.6 60 210.8 96 642.9

Shares NC (PLN M) --- --- 2.3 7.1 9.3 38.0

Contracts ( #) 292 577 559 733 896 497 1 208 526 1 385 747 1 871 607

Options (#) 3 428 8 543 45 524 38 738 17 496 65 225

Retail Shares ML (PLN M) 23 093.9 55 635.1 67 678.6 27 505.2 44 807.2 40 323.6

Shares NC (PLN M) --- --- 71.5 377.3 480.8 1 360.8

Contracts ( #) 4 022 902 4 190 199 5 255 317 6 404 282 6 934 504 6 841 196

Options (#) 189 371 232 496 209 944 187 428 256 788 330 349

Institutional Shares ML (PLN M) 28 710.1 54 842.5 83 925.8 61 356.5 61 677.3 69 890.5

Shares NC (PLN M) --- --- 3.9 26.9 49.6 164.9

Contracts ( #) 1 054 733 1 576 859 3 165 210 4 472 449 4 904 804 4 900 951

Options (#) 61 636 86 594 139 528 99 046 120 498 151 279

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More Information:WSE Marketing Communication Department

Marcin Przeszł[email protected]

Anna [email protected]

mailto:[email protected]

mailto:[email protected]

GPW 2007 – NOWA JAKOŚĆ

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