WOOD Flash – Warsaw Stock Exchange: November equities volumes strong again, no evidence of Allegro cannibalising other stocks' volumes
Yesterday (1 December), after the market closed, Warsaw Stock Exchange (GPW) released its November trading update. The two key positive takeaways from the reported volumes are, in our view, as: i) we see no cannibalisation effect from Allegro’s trading on the volumes of other companies, and Allegro’s volumes are still strong; and ii) there were very solid trading figures in equities (c.35% of the 9M20 top line) for the overall market, which increased by 103% yoy last month, to PLN 31bn. Derivatives volumes also proved to be very strong (number of contracts +60% yoy); moreover, their structure also changed positively, i.e., in favour of high-margin single-stock contracts (+69% yoy). We suspect that this may be related to the contracts on Allegro, which GPW added to its offer shortly after the company’s IPO.Gielda Papierow Wartosciowych w Warszawie SA (Warsaw Stock Exchange, GPW) is a Poland-based stock exchange. It is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. It also distributes market data. The Company has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot SA.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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