Moscow Exchange Financial Growth Presentation
Local retail investors: ongoing growth
Dynamics of retail investment
Value of retail ownership in the Securities Market 1, RUB trn
Number of unique retail clients, mln
5.4
Retail ownership via brokerage accounts (excl. IIAs)
7%
24%
12%
+25%
+60%
3.9
4.0
3.2
+72%
2.0 2.0
1.3
1.2
2017
2018
2019
6M2020
57%
Russian stocks - 24%
Cash -12%
Bonds (all types) - 57%
Other - 7%
Source: NAUFOR surveys, Moscow Exchange data & calculations. Data as of period end
Source: NAUFOR FY2019 survey, Moscow Exchange calculations
Declining interest rates and cross-selling by banks via online channels (~70% of new clients) drive retail investments.
■ The value of retail ownership in securities is equivalent to USD ~58 bln, or ~13% of retail deposits at banks as of 6M2020
■ Retail holdings in equities are just ~2.3%² of the Russian equity market capitalisation ...
but in 2019-2020 local retail inflows helped to absorb international investor outflows
=> Albeit small on the broader market scale, retail investors help to stabilize the market and make its structure healthier
■
Additionally, we estimate that local institutions supported by retail money own 4-5x more Russian equities than direct retail
■ Continuous conversion from deposits into brokerage and AM products will further increase the role of local players
☑
MOSCOW
1
EXCHANGE
2
Including: (1) brokerage IIAS, (2) AM IIAS, (3) AM managed accounts and (4) brokerage accounts
Moscow Exchange estimates
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