Brokers are waiting for a reduction in marginal income due to the new Central Bank Rules
On April 1, the restrictions on investors in the urgent market will negatively affect the business of retail brokers. For them, customers with the initial and standard level of risk gave a significant part of the income, and it was precisely such customers that limited operations using a credit shoulder. Brokers believe that as a result, customers will lose the opportunity to hedge their portfolio from market risks.
From April 1, new margin lending rules for the trade in derivative financial instruments (PFI) entered into force on Russian exchanges. In particular, a number of categories of investors are introduced – a client with an increased level of risk (KPUR), a client with a standard risk level (KSUR), a client with an initial level of risk (Knur) and a client with a special level of risk (curs, only for legal entities). The level of risk depends on the amount of funds and the deadline for their customer accounts, as well as the activity of customers.
According to the Central Bank, for the categories of Knur and Ksur, brokers should use increased risk rates for traded tools, which reduces the size of the available credit shoulder.
Thus, it is proposed to protect a wide circle of investors when using high -risk tools. According to Dmitry Lesnov, Deputy General Director for Broke Business Business FG, the regulator wants to protect unprepared new investors, preventing them from using marginal transactions for the marginal loan. However, according to him, the broker statistics show that « that the new customers have not previously used the expanded capabilities of marginal trade, did it quite restrained, thoughtfully and consciously. »
47.4 million individuals
were customers of brokers for January 1.
At the same time, as the Kommersant survey showed among the securities market professional participants, the innovation can negatively affect the income of retail brokerage companies. This is due to the fact that margin trade is a rather high share in the structure of their income. In Finam, this share is estimated at 20–25%, in the “Brockie” – 20-30%, in BCS – 25-50%. “The income of brokers will be reduced due to expenses for the introduction of new regulation, as well as due to the possibilities of the Knur and Ksur category reduced from April 1, to open positions in the PFI in the same volume,” explained Mikhail Apanasenko, head of the risk management department of the investment company. Nikita Silkin also notes the head of the Department of the BCS Investment World BCS, that within the framework of the transition period, “a number of investors using the maximum size of the shoulder will be forced to reduce their positions.”
Tight toughening the rules of trade with the shoulder will have a restraining effect on the growth of the urgent market speed.
In particular, according to the Moscow Exchange, individuals in the turnover of transactions in the urgent market account for 55–67%. At the same time, Mr. Apanasenko clarifies that innovations will affect individual portfolios, while there will be no changes in unified portfolios with a large number of customers. As the expert explains, this is due to the fact that from April 1, the capabilities of the Knur and Ksur category and Ksur will be reduced to open positions in the PFI in the previous volume.
In addition, income from marginal lending in the overall income structure has already decreased because of the growth of the key rate to which these products are tied, experts say. “A high key rate greatly limits investors in the possibilities of using borrowed funds. And the percentage share of income fell several times compared to the period when the key rate was at lower levels, ”says Dmitry Lesnov.
However, a number of market participants, in which transactions with urgent instruments are concluded by a limited circle of large customers, are not waiting for changes. Andrei Nedbailo, the head of the retail investment business, Andrei Nedbailo believes that the innovations will not affect the income or at revolutions, « since 99% of these indicators lie on the shoulders of large customers, which do not affect the innovations. » At the same time, a small share of customers (up to 10%) uses marginal lending in Alfa-Bank. Finam notes that about 35% of their customers are qualified investors, therefore there will be no significant changes in income and volumes.
