Why decreases the volume of transactions with foreign shares in the over -the -term market
Shares of foreign companies, transactions with which are held in the sections of OTC trading on the Moscow Exchange, until they find a significant number of investors. These over -the -way trading were launched, in particular, so that the goals of the civil service could sell foreign assets, the possession of which is prohibited. However, the volume of trading for May amounted to only 562 million rubles. An obstacle to the revival of the market is a significant discount compared to the prices of American exchanges. Sellers do not want to give stocks for nothing, and buyers, due to the difference in quotes in the Russian Federation and the United States, have a huge tax on material benefits.
According to Kommersant, the volume of transactions with foreign shares held in the Mosbirzhi Office Market section, in May 2025 amounted to only 562 million rubles. The auction itself began on April 28, and from that time on the volume of bidding has not reached 750 million rubles. Moreover, in the early days, the indicator approached 40 million rubles. a day, and on April 30, he even exceeded 83 million rubles. However, at the end of May, activity decreased markedly and the volumes dropped below 30 million rubles. At the same time, the Moscow Exchange said that « the list of tools can be expanded in accordance with customer demand. »
Currently, shares of 127 American issuers are available for operations. The most popular are the securities of NVIDIA, Microstrategy, Netflix, Tesla, Microsoft, Apple, which accounted for more than half of the volume of trading. Only qualified investors have the right to buy and sell shares, unskilled investors have the right to only sell them.
According to Kommersant, a source in the financial market, over -the -way auction was opened, including that the investors received by the civil service had the opportunity to get rid of foreign assets belonging to them.
Anton, senior partner of the Pen & Paper lawyer college, explained that « persons replacing state debt are prohibited from owning and using foreign financial instruments. » And although Russian legislation “does not establish the form of“ deliverance ”from foreign shares”, over -the -end auction gives potential civil servants the opportunity to do this, ”he said. In a large brokerage company, Kommersant also confirmed that some customers have encountered the need to get rid of foreign papers for admission to the civil service.
Nevertheless, a weak interest in Office transactions is confirmed by market participants. “This is a very niche and specific market segment,” said Andrei Smirnov, managing director for work with clients of Renaissance Capital. According to him, the activity of investors interfere with the uncertainty of future papers and the inability to buy them with unqualified investors. Unqualified investors repulses a large discount, said Ivan Vlasenko, head of the Broke Bank Broke-Bank Broke Products.
Currently, shares of American companies are traded 50–75% cheaper than abroad.
However, despite the attractive price, there is a material benefit for buyers, with which it is necessary to pay tax. As the partner of the Asterisk Law Bureau Fyodor Klabun explains, the subjects of this tax are also also buyers of securities with a discount acquired in over -the -term (Article 212 of the Tax Code of the Russian Federation). At the same time, the tax base is defined « as the difference between the minimum market value of the securities recorded on the exchange on the day of the acquisition, and the cost of the same security acquired by the investor in an over -time order. »
According to the Kommersant source in another brokerage company, the market value of such papers is determined according to the tenders of foreign exchanges, and the transfer of dollars into rubles is carried out at the official rate of the Central Bank.
As a result, for qualified investors, the repulsive factor is “a huge tax on material benefit, which was often equal to the sum of the transaction itself,” Mr. Vlasenko notes.
At the same time, he is considering the possibility of launching similar services and St. Petersburg Exchange, especially since until the beginning of 2022, the monthly trading volumes there reached $ 40 billion. As explained by Kommersant in the press service of the trading platform, the issue of the possibility of trading in blocked foreign papers was already discussed by the market for the development of markets at the end of May. The next meeting of the committee on this issue may take place in the first decade of June, noted there.
Market participants positively evaluate the possible launch of trading at the St. Petersburg site. “If a decision is made to launch, we are ready to quickly connect our customers – all decisions have already been prepared infrastructure,” said Sergey Selyutin, head of the VTB of My Investment Trade operations. According to Ivan Vlasenko, the volumes of trading on the St. Petersburg exchange can surpass similar indicators on the Moscow Exchange. “The volume of blocked assets and the number of customers with them in our database is many times more than on the Moscow site,” he said. However, the expert does not expect the “globally large revolutions” of the papers of American companies.
