Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
SECURITIES MARKET (8)
Rapidly developing retail market with strong tax incentives and accelerating FinTech
ā 1.2 million retail investors were registered with the
Moscow Exchange at the end of 1H 2017
ā Around 90 000 retail investors were
reported as "active" traders
Figure 35: Number of active retail client accounts
Equities market
Derivatives market
FX market
109 538
Recent regulatory changes
Individual Investment Accounts for
private investors since 2015. 1 mln RUB
max sum to invest in a year
Tax deductions for IIA type A - max
52 000 RUB; for IIA type B - at the rate
of investment income
57 946
78 639
74 911
46 285
44 860
34 196
28 068
895
8 038
25 461
15 159
December 2013
December 2014
December 2015
December 2017
Source: Moscow Exchange
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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