The Development of Exchange Traded Product`s Market in Poland

Alicja Janusz , Teresa Orzeszko

Abstract

Structured products represent relatively new instruments on Polish financial market. They constitute a significantly diversified group, however, their shared characteristics is that apart from providing investors with the invested capital protection, they also allow participation in the potential profits. These products can function on both, over the counter and stock exchange market. The author’s objective was to analyze the market of exchange traded products (ETP). ETP market was establi shed in Poland in August 2006 and since then an ongoing increase of the listed products and the turnover made has been observed. The research hypothesis of the study takes the form of the question whether through an extended ETP offer developed by issuers and a successive trading volume increase in these products, Polish ETP market became a fully developed one. The presentation of research hypothesis in the above form allowed determining the research goals carried out by the author, which were identified as follows: • specifying the essence of exchange traded products’ market and the area of its interpretation; • identifying the activities of this market players(issuers, makers, investors); • identifying the structure of products listed on this market; • assessing E TP turnover scale against other Polish stock market segments and other developed European stock markets . The study did not cover over the counter traded products and the Exchange Traded Fund . The applied research methods, which allowed carrying out the de fined objective were: the subject literature studies, the analyses of ETP market structure and dynamics in an objective and subjective perspective, the analysis of annual changes in trading volume statistics and the comparative analysis. The research was c onducted in May 2016. The timeframe of the analysis covers the entire period of trading on the stock exchange market, i.e. since August 2006 till the end of December 2015. However, in order to illustrate the current product structure the discussed period w as extended by data as at the end of May 2016. The necessary analytical data were mainly collected from the Warsaw Stock Exchange Fact Books for the years 2007 - 2015, ETP quotations available at the Warsaw Stock Exchange website, as well as StructuredRetail Products.com portal and also issuers’ websites. The conducted research allows concluding that despite ETPs’ offer gradual extension by their issuers, addressed to Polish market, as well as the growing interest of investors expressed by ongoing increase in turnover, Polish ETP market is not yet fully developed and does not match other European stock markets in its sales value level
Author Alicja Janusz (EMaT / DFaA)
Alicja Janusz,,
- Department of Finance and Accounting
, Teresa Orzeszko (EMaT / DFaA)
Teresa Orzeszko,,
- Department of Finance and Accounting
Journal seriesJournal of International Economic Research, ISSN 2500-9656, (5 pkt)
Issue year2017
Vol2
No1
Pages66-80
Publication size in sheets0.7
Keywords in Englishexchange traded products’ market, issuers, makers, investors
URL http://irissymposium.wixsite.com/jier
Languageen angielski
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Janusz_Orzeszko_The_Development_of_Exchange_Traded 601,75 KB
Score (nominal)5
ScoreMinisterial score = 5.0, 29-09-2019, ArticleFromJournal
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