Brokers are preparing a new category of limited clients
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The Central Bank published a regulation on the introduction of a new category of clients – with an initial level of risk. For such clients, risky operations will be limited, primarily margin ones (trading with leverage). According to market participants, the regulator has changed some provisions, in particular regarding the classification of clients into categories with standard and increased risk levels. Players call some of the changes inappropriate, since the current rules “work well”, and the new ones will increase the operational burden on brokers.
On September 27, the Bank of Russia published a draft directive introducing a new category of clients of brokerage companies – clients with an initial level of risk (KNUR). The broker will classify an individual client into this category if he is not classified as a client with a standard or increased level of risk (CRMS or CPUR). This is the second version of the project, which was published in the summer (see “Kommersant” dated July 27).
A broker can classify a client into the CRMS category if at least one year has passed since the broker made the first transaction at his expense, leading to the emergence of an uncovered position, and at least five calendar days in one year the broker concluded contracts with securities at the expense of the specified client or derivative contracts. In addition, a client falls into the categories of CRMS and CISD if the amount of assets recorded in his accounts is at least 3 million rubles, or 600 thousand rubles. in case of service with the broker for at least 180 days, or if the client is recognized by the broker as a qualifier.
For KNUR, the maximum leverage in case of margin transactions will be reduced relative to what is currently available. At the same time, the broker will have to inform them that the execution of their orders may result in an uncovered position.
According to the Bank of Russia, as of mid-2023, the number of qualified investors was estimated at 617 thousand people. At the same time, the number of individuals with brokerage accounts on the Moscow Exchange reached 26.81 million people at the end of August, they opened 45.9 million accounts.
According to the head of the risk management department at Digital Broker, Mikhail Apanasenko, the current version of the draft regulatory act clarifies the previous version after discussion with the professional community. At the same time, the regulator took into account a number of proposals from the market, in particular, it classified qualified investors as CRMS or CISD. In addition, the broker has been required to calculate the value of the portfolio, the size of the initial and minimum margin according to the formulas provided in the appendix to this instruction at the end of each trading day – for clients with an initial level of risk, added Elena Mende, partner of the Smolenka 33 Bar Association.
At the same time, changes appeared in the project that were not discussed with the trade union community. As a Kommersant source in the financial market notes, these include a ban on short positions when the market falls.
NAUFOR President Alexey Timofeev believes that the introduction of additional restrictions on the shoulders for retail investors-novices is in no way justified, poorly taking into account the “client path” and the needs of clients. The current rules, in his opinion, already work well to protect their interests. Igor Pimonov, head of the department of the online broker BCS World of Investments, believes that these are unnecessary restrictions that will slow down the development of the investment market, since today the overwhelming share of the market belongs to individuals. At the same time, according to him, these innovations will further increase the operational burden on brokers. He recalled that now unqualified investors must undergo testing in order to activate margin lending. At the same time, according to Mr. Pimonov, the share of clients who use margin lending in the first year after opening an account is insignificant.
Mikhail Mamuta, head of the consumer rights protection service of the Central Bank, May 16:
Rebalancing opportunities for nonqualities is essentially about rebalancing the market.
The fact that professional participants will provide lower leverage to newcomers, on the one hand, may reduce their income from margin lending, but, on the other hand, newcomers will not take on increased risks, Mr. Apanasenko believes. The expert believes that the share of clients with an initial level of risk in the first years will be less than the share of other categories. According to independent financial analyst Andrey Barkhota, the equilibrium structure of the client base assumes 60% – CRMS, 30% – KNUR, 10% – CPUR.
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