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- In search of benefits: the volume of funds in brokerage accounts has reached a four-year high
In search of benefits: the volume of funds in brokerage accounts has reached a four-year high
The amount of funds deposited into brokerage accounts by retail investors has reached a four-year high. The amount amounted to 872 billion rubles, which is 52% more than in the previous quarter. The Central Bank cites lower deposit rates and a softening of the monetary policy as the reasons for the growing interest of Russians in the stock market. This trend is a plus for the economy, experts say. The growth of domestic investment increases market liquidity, expands the source of financing for the government and companies, and reduces the burden on the banking sector. Izvestia found out what the popularity of stock market instruments is related to.
Impressive growth
In the third quarter of 2025, retail investors deposited 872 billion rubles into brokerage accounts. This is 52% more than in the previous quarter. The figure is a record influx since the beginning of 2021. This is reported in the "Review of key broker indicators" for the third quarter of 2025, presented by the Bank of Russia.
The regulator attributes the growing interest in stock market instruments to lower deposit rates and a general easing of monetary conditions.
The number of clients with assets increased from 5.1 million to 5.3 million. Novice investors began to replenish the account more often immediately after its opening. They mainly acquired money market funds available through banks' mobile apps.
The average size of the brokerage account for resident individuals increased during the quarter and amounted to 2.2 million rubles. At the same time, the segment of clients with a portfolio of over 6 million rubles has grown significantly — the number in it has grown three times faster than in the mass segment.
Bonds were in the highest demand among investors, with their share in the portfolio reaching 38%. At the same time, investments have become more diversified, as the number of unique issuers has increased. Federal loan bonds with a fixed coupon, quasi-currency securities of exporters, as well as ruble-denominated corporate bonds turned out to be in demand. At the same time, the share of shares accounted for only 25%.
The influx of new money into brokerage accounts and an increase in the value of debt securities increased the assets of retail investors from 11 trillion to 11.8 trillion rubles in the quarter. Three quarters of this volume was provided by qualified investors, whose number increased to 943 thousand units.
In general, the number of unique customers registered on the Moscow Stock Exchange increased to 38.6 million in the third quarter of 2025, accounting for 51% of the economically active population of the country. Transactions on the stock market of the exchange were concluded by an average of 3.7 million people per month.
The editorial board of Izvestia sent a request to the Bank of Russia. No response has been received at the time of publication.
Good reasons
The inflow of funds to brokerage accounts in the third quarter of 2025, amounting to 872 billion rubles, is the highest value in the last four years, recalls investment advisor, founder of the online investment university "Financology" Yulia Kuznetsova. This is also one and a half times more than was recorded in the second quarter.
"This indicator confirms that Russians' interest in the stock market has reached a new level," the Izvestia interlocutor draws attention.
The growth is explained by a combination of several factors, says Yaroslav Kabakov, Director of Strategy at Finam IC and lecturer at the Higher School of Business at the National Research University Higher School of Economics. First of all, this is due to a decrease in the attractiveness of bank deposits against the background of monetary policy easing.
"Falling deposit rates force us to look for alternative ways to maintain profitability, so investors' attention naturally shifts to bonds that benefit from lower key rates and rising costs," the expert explains.
Inflation and high interest rates make keeping funds in accounts ineffective, Kuznetsova agrees.
"The market now offers attractive bond yields that compensate for increased risks and support investors' interest in long—term instruments," she clarifies.
Denis Astafyev, an entrepreneur, fund manager and founder of the SharesPro fintech platform, confirms that interest in the stock market is really increasing against the background of a decrease in the key interest rate. Deposits are becoming less attractive, and investors are switching to instruments with higher potential returns.
— But I would focus not on the banal story about the "growth of attractiveness", but on the behavior of financial institutions themselves. Managers, especially those related to the banking business, are starting to sell stock market services rather than deposit products. Their income largely depends on the activity of their clients, so they are interested in replenishing brokerage accounts and performing securities transactions. The rate cut is a convenient argument to encourage customers to "exit deposits" and enter the market, the expert believes.
A significant contribution to the situation was made by the activity of qualified investors, who accounted for most of the record inflow of funds, Kabakov adds.
— The main inflow of money in circulation is large accounts, and they form the statistical growth. Therefore, it is still incorrect to talk about a "nationwide investment boom" — rather, there is a redistribution of capital within the existing structure, — says Astafyev.
It is important to understand that the process of increasing funds in the stock market is largely driven by the financial players themselves, and not by a "spontaneous increase in public interest," he warns.
A look into the future
The trend towards an increase in funds in accounts is certainly a plus for the economy, Yulia Kuznetsova believes. The growth of domestic investment increases market liquidity, expands the source of financing for the government and companies, and reduces the burden on the banking sector, she lists. At the same time, the strong demand for OFZ helps the Ministry of Finance to meet budget needs on more comfortable terms.
The observed dynamics affects the economy in many ways, adds Yaroslav Kabakov. In particular, the flow of funds from deposits to investments increases the level of domestic financing for businesses and the government, reducing dependence on foreign capital markets.
— More liquidity is coming to the market, which increases the stability and depth of trading. At the same time, the role of private investors is growing, which makes the market both more lively and more sensitive to information and macroeconomic fluctuations," the source said.
In addition, the trend towards an increase in the volume of funds in brokerage accounts affects the economy through an increase in companies' interest in listings on the stock exchange, according to IFC Solid.
"We expect an increase in company placements in 2026, which, in turn, will contribute to the development of key sectors of the economy, including development, IT and infrastructure, expanding opportunities for investment growth and strengthening the corporate sector," the company's experts emphasize.
At the same time, with a further reduction in the key rate, the volume of investments by retail investors will continue to grow.
"Lowering interest rates will reduce the attractiveness of deposits, which traditionally increases the interest of the population in the stock market, especially in bonds and dividend stocks," says Kuznetsova.
With stable inflation, relatively predictable geopolitics, and attractive yields on bonds and dividend stocks, the growth in investment attractiveness may continue, Kabakov predicts.
"However, the scale of further inflows of funds in the accounts will depend on a combination of macroeconomic conditions, the behavior of the ruble and public confidence in financial markets," he concludes.
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