Russian Financial Sector Update
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
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SECURITIES MARKET (10)
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 41: 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. RUB 1 mln
max sum to invest in a year
Tax deductions for IIA type A - max
RUB 52 000; 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
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