3Q 2021 Financial Overview
Local retail investors: ongoing growth
Retail investment dynamics (values by NAUFOR)
Value of holdings in IIAs & managed accounts¹, RUB trn
Value of holdings in brokerage accounts (ex. IIAs)¹, RUB trn
Number of retail clients on MOEX, mln
FYʼ20 retail brokerage accounts (ex. IIAs) ownership
1.3
2.0
4%
Russian stocks - 18%
8.8
4%
18%
Foreign stocks - 13%
3.9
16%
6.0
RUB bonds (all types) - 23%
1.3
13%
3.2
0.7
2.0
4.7
23%
FX bonds (all types) - 23%
Cash - 16%
ETFs & mutual funds - 4%
Other - 4%
1.2
0.5
2.6
23%
0.3.
1.5
0.9
Source: survey by NAUFOR
2017
2018
2019
2020
Bank deposits of retail investors
FX
4%
RUB
7%
Securities/deposits
10%
+12%
18%
+7%
+10%
34.2
28.6
26.1
30.7
6.1
7.0
6.2
5.5
27.2
20.6
22.3
24.6
2019
2020
Source: CBR, NAUFOR, Moscow Exchange calculations
2017
2018
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MOSCOW
EXCHANGE
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2
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Comments
Self-managed retail holdings in Russian stocks are RUB 0.94
trn as per NAUFOR data, or 1.8%² of the Russian equity MCap
at FY'20.
Estimated² net inflow of self-managed retail investors' funds in
Russian stocks in 2020 was RUB 207.5 bln or USD 2.8 bln
(Avalue of holdings adjusted for cap. gains and dividends).
■ The value of retail investors' holdings constitutes 18% of retail
banking deposits as of end-2020.
Top-3 asset classes held by retail brokerage accounts are: 46%
bonds (all types), 32% stocks (local+foreign), 16% cash.
Banking deposits added 12% YoY in 2020 despite accelerated
growth of investments in securities, indicating further potential
for conversion.
25
Including: (1) brokerage IIAS, (2) AM IIAS, (3) AM managed accounts and (4) brokerage accounts
Moscow Exchange estimatesView entire presentation