Financial Sector Overview
The Central Bank of the Russian Federation
Bank of Russia
FINANCIAL SECTOR OVERVIEW
SECURITIES MARKET (9)
Rapidly developing retail market with strong tax incentives and accelerating FinTech
✓ 2.7 million retail investors were registered with the
Moscow Exchange at the end of December 2018
✓ More than 190 000 retail investors were
reported as "active" traders
Figure 50: Number of active retail client accounts
■Equities market
Recent regulatory changes
Individual
Investment Accounts for
private investors since 2015.
•
RUB 1 mln max sum to invest in a year.
-
More than 528k accounts opened as of
December 2018
Derivatives market
FX market
190 235
78 639
74 911
57 946
34 196
28 068
895
8 038
44 860
15 159
109 538
55 476
46 285
25 461
60 651
December 2013 December 2014 December 2015 December 2017 December 2018
Source: Moscow Exchange
- max
Tax deductions for IIA type A
RUB 52 000; for IIA type B - at the rate
of investment income
Corporate bonds with yield of under
12.75% became tax-exempt on
January 1, 2018
Capital gains on securities held for
more than 3 years are tax-exempt
Retail investors allowed to open
brokerage and management accounts
online
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