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A campaign of rate cuts by the central bank on top of Putin announcing a 13% tax on interest from all bank deposits over $14,000 has resulted in an unprecedented surge into the stock market by amateur investors, mimicking a similar craze in the US, UK and China and potentially reshaping how the country’s markets work.
Retail investors accounted for 42 per cent of trading volumes on the exchange in June, up from 34 per cent a year earlier. More than 5.3m individual Russians now have brokerage accounts for trading stocks on the local stock market, a rise of 1.5m since January. “We are seeing totally different numbers of retail investors than ever before,” said Andrei Braginsky, a spokesperson at the Moscow Exchange. “People are looking for an alternative way to save or grow their money.” Much of the new capital is flowing out of bank saving accounts, ahead of the new tax, which will come into effect at the end of the year and hit around 45 per cent of Russian deposits.
https://www.ft.com/content/b2d2d40b-d623-4687-a7e5-c365c434601a
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