This amount represents a total value of securities held in individuals’ accounts in depositories at the end of 2020 Q3 less their investments in the units of unit investment funds (UIFs) and securities in trust management. It gained 16% quarter on quarter, and 45% year on year, as reported by Review of Key Indicators of Professional Securities Market Participants.
In Q3, retail investors showed interest in risky assets, including structured bonds, which they bought as an alternative to deposits, among other reasons. The total value of structured bonds in individuals’ accounts reached 489 billion rubles, or 19% of the total volume of debt securities held by individuals.
The Bank of Russia deems it necessary that sellers of investment products and services provide to individuals exhaustive information thereon. Moreover, the regulator believes it important to monitor misselling risks. This is in part necessitated by the complex nature of some products, structured ones being among them. To do this, financial products specifications have been introduced, and rules for selling non-bank products by banks are set to be implemented. A key element of consumer protection in the stock market is the launch of investor testing.