The Central Bank of Russia published its Review of Key Indicators of Brokers for 2025 Q3, reporting that inflows of new funds into brokerage accounts reached their highest level since early 2021. Retail investors deposited RUB 872 billion, up 52% from 2025 Q2, with qualified investors accounting for 75% of the inflow; the review links the stronger demand for stock market instruments to lower deposit rates amid an easing of monetary conditions. The number of customers holding assets increased from 5.1 million to 5.3 million, with beginner investors more likely to deposit funds immediately after opening accounts. Growth was strongest among customers with portfolios above RUB 6 million, expanding three times as fast as the mass segment. Bonds became the preferred instrument at 38% of portfolios versus 25% for shares, with demand focused on long-term fixed-coupon federal government bonds, exporters’ quasi-foreign currency securities, and ruble-denominated corporate bonds. Driven by inflows and higher debt-security valuations, retail investors’ assets rose from RUB 11 trillion to RUB 11.8 trillion over the quarter.
Central Bank of Russia 2025-12-03
Central Bank of Russia review shows Q3 2025 brokerage inflows at a four-year high led by qualified investors
The Central Bank of Russia's Q3 2025 review highlights a significant increase in brokerage account inflows, with retail investors depositing RUB 872 billion, a 52% rise from Q2. Qualified investors contributed 75% of this inflow, driven by lower deposit rates and easing monetary conditions. Bonds, particularly long-term fixed-coupon federal government bonds, became the preferred investment, raising retail investors' assets from RUB 11 trillion to RUB 11.8 trillion.