With 1 October all Brokers are required to test unqualified investors, who plan to use complex financial instruments for the first time. Brokers recently sent the regulator statistics on the results of testing. Here are the conclusions made by the bank.
Most Popular - Most Difficult
During October, brokers conducted about 2.5 million tests. This includes failed attempts., the number of which is not limited. Most often, investors were tested on shares of foreign issuers and shares outside the quotation lists. These tests were also the most difficult.: only 28-29% of investors answered all questions correctly.
Less often, investors were tested on ETF, margin transactions, derivatives, unrated Russian bonds, as well as structured bonds. Repo deals test is the most unpopular.
Investors fared better with tests on unrated foreign bonds and closed-end mutual funds: here 63 And 60% positive results.
Some brokers' clients turned out to be much more successful than others, what surprised the bank: “This is a new procedure, and together we will analyze the test results. We fixed, that some brokers, with a large number of tests, only get a third of positive results, for others, the percentage of successful tests reaches 80%. Such a high figure may indicate a possible dishonest testing. During the ongoing supervision, we will carefully analyze the relevant cases and take the necessary measures.”.
To take a test on a specific instrument, the investor needs to correctly answer all four questions from the Knowledge block. In the case of a retake, the questions will be the same. The bank promises to increase the number of questions to eight in April, so they change from try to try.
Half did not come to retake
Earlier, brokers themselves spoke about the results of testing. So, Tinkoff Investments tested about 400,000 investors as of the end of October. The total number of attempts was 1.1 million, of which the proportion of successful 45%.
According to the broker, the most difficult were tests on stocks. On the first attempt, only 17% investors, for shares outside the quotation lists — 19%. Investors on average used 3-4 attempts. Approximately half, after several unsuccessful attempts, did not come to retake.
Less popular and more complex tests are more successful for investors, said in Tinkoff Investments. On the first attempt, testing for closed-end mutual investment funds passed 77% investors, for Eurobonds 62%. Probably, sophisticated financial instruments are chosen by more experienced investors.
Brokers data on the results of testing in October
| Number of participants | Attempts | Share of successful | |
|---|---|---|---|
| Tinkoff Investments | 400 000 | 1 100 000 | 45% |
| "BCS World of Investments" | 100 000 | 200 000 | 60% |
| "Opening Investments" | 25 000 | 130 000 | 63% |
| «Fridom Finance» | 3000 | 10 000 | 70% |
| "Finam" | 10 000 | — | 80% |
