The Development of Future Contracts Market at the Warsaw Stock Exchange in Warsaw
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Abstract
The development of future contracts market can be divided into two stages. The first stage includes the period 1998-1999, when future contracts appeared and strengthen its position at the Warsaw Stock Exchange. The second stage includes the period 2000-2004, when a dynamic development of future contracts occurred. In the first stage quotations of unconditional future contracts futures WIG20, futures USD, futures EURO were started, while in the second stage: futures Tech WIG, futures on shares and futures on MIDWIG. In the analyzed period the contract futures WIG20 was of great importance with the share of 98% in total turnovers on derivatives. The future contracts market is the fastest developing market on the Warsaw Stock Exchange. In 1998, the year of the debut, the value of turnovers of future contracts amounted to 1 % of spot market turnovers. In the next year this relationship amounted to 7%. In the end of 2000 turnovers of future contracts amounted to 17% of spot market turnovers. In the years 2001-2002 the value of turnovers of derivatives amounted to 119% of the value of spot market turnovers. In 2003 the dynamic development of future contracts was continued. Turnovers of future contracts amounted to 158% of spot market turnovers.
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Krawczyk, E. (2004). The Development of Future Contracts Market at the Warsaw Stock Exchange in Warsaw. Zeszyty Naukowe SGGW - Ekonomika I Organizacja Gospodarki Żywnościowej, (54), 101–113. https://doi.org/10.22630/EIOGZ.2004.54.30
References
HULL J., 1997: Kontrakty terminowe i opcje-wprowadzenie. WIG Press, Warszawa.
Roczniki giełdowe 2000, 2001, 2002, 2002, GPW.
ZALEWSKI G., 2000: Kontrakty terminowe w praktyce. WIG Press, Warszawa.
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