Among Moscow Exchange members, Sberbank (25, 670), Finam (23,755) and BCS (15,133) opened the most IIAs, MOEX data shows. Individuals have a choice of 80 companies when looking to open an IIA.
Moscow Exchange (MOEX) today announced that as of February 1st, 2016 Russia’s largest investment exchange had registered 95,020 individual investment accounts (IIAs) opened by private investors with brokers and asset management companies.
“IIAs are a popular instrument among private investors, and this year we expect interest in these accounts to increase as individual investors gain in confidence, with initial investors from last year receiving their tax rebates,” said Anna Kuznetsova, Managing Director of MOEX”s Securities Market. “With remote brokerage account opening solutions, the Exchange has made it easier for individuals to start trading. We hope to see most new private investors opening IIAs as well.”
In the period from January 1st 2015 to February 1st 2016, trading volumes through registered IIAs totaled RUB 43.1 billion. 94% of these were trades in stocks, with OFZs and bonds each accounting for 3%.
Since January 1st 2015 private investors have had the choice of opening an IIA with a broker (brokerage account) or asset management company (through trust management). Individuals may make cash contributions of up to RUB 400,000 in a calendar year. Money may be invested into securities market instruments, such as shares, government and corporate bonds (including Eurobonds), as well as ETFs and mutual funds. In addition to capital gains, investors are entitled to receive tax rebates of 13% of their annual cash contribution (up to a limit of RUB 52,000) or to zero income tax for capital gain when account will be closed.
For more info on IIAs through MOEX check out the chart below:
To view the official release click here.