PSB assessed the level of development of the CFA market

The CFA market has overcome the stage of hypotheses and expectations and has become an applied tool for financing, calculations and new investment models. This was stated by Olga Myamlina, Deputy Chairman of the PSB, who moderated the session "CFA in the Everyday Economy" of the annual Just Capital forum. According to the results of last year, the volume of CFA issues amounted to 1.5 trillion rubles, and by the end of 2026, according to current estimates, this figure may reach 3 trillion rubles, Myamlina said.

One of the drivers of the steady growth of the CFA market is the expansion of the retail investor base. Currently, about 800,000 people are registered on the platforms of information system operators. "This figure is the milestone after which we can say that the development and growth of interest will be much higher," Olga Myamlina explained. According to her, the key issue is not so much the number of investors, but rather the incentives that will ensure sustainable growth.

According to Olga Myamlina, technological and regulatory maturity of the market is also a significant driver of growth. Currently, the traditional financial infrastructure is consistently building interaction with new digital models. "Exchanges, brokers, banks, operators and platforms are gradually being integrated into a single system. The transition of the CFA market to sustainable growth directly depends on how well the elements within this system work," Myamlina emphasized.

Myamlina illustrated the growing social importance of the market with the Tokeon platform project, which launched the collection of applications for the release of CFAs aimed at additional support measures for ITS participants and their family members. "This is a good example of how CFAs are no longer just a tool for generating investment income and are used to address sensitive social needs. The architecture of the movement of funds here is fast, transparent and absolutely understandable," Myamlina said.