The Bank of Russia has summed up the first results of investor testing

Банк России подвел первые итоги тестирования инвесторов

FROM 1 October all brokers are required to test unqualified investors, who plan to use complex financial instruments for the first time. Brokers recently sent statistics to the regulator based on testing results.. Here are the conclusions made at the bank.

The most popular are the most difficult

Brokers conducted about 2.5 million tests during October. This includes unsuccessful attempts., the number of which is not limited. Most often, investors were tested for shares of foreign issuers and shares outside the quotation lists.. The same tests turned out to be the most difficult.: only 28-29% of investors answered all the questions correctly.

Less often, investors were tested on ETF, margin transactions, derivatives, unrated Russian bonds, as well as structural bonds. The most unpopular repo test.

Investors performed better 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 were they surprised at the bank: “This is a new procedure, and together we will analyze the test results. We have fixed, that some brokers, with a large number of tests carried out, gain only a third of positive results, for others, the percentage of successful tests reaches 80%. Such a high indicator may indicate a possible unfair testing.. In the course of ongoing supervision, we will carefully analyze the relevant cases and take the necessary measures ".

To pass the test for a specific instrument, the investor needs to correctly answer all four questions from the "Knowledge" block. In case of retake, the questions will be the same. Bank promises to increase the number of questions to eight in April, so that they change from try to try.

Half did not come for retake

Earlier, brokers themselves told about the results of testing.. So, Tinkoff Investments at the end of October tested about 400 thousand investors. The total number of attempts was 1.1 million, of which the share of successful ones - 45%.

According to the broker, the most difficult tests were for shares. On the first attempt, only 17% investors, for shares outside the quotation lists - 19%. Investors used 3-4 attempts on average. About half, after several unsuccessful attempts, did not come for a retake.

  Just wondering

Investors pass less popular and more complex tests more successfully, 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 based on testing results 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%
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