Rating brokers

Brokerage business is not experiencing the best period. Green, who painted in many of the tables prepared by "F." must not be misleading: all is relative. Thus, the total turnover of the 50 largest operators on the shares on the MICEX last March totaled 2.5 trillion rubles. As compared with the year-ago recorded an increase of 13%. Much or too little? For example, in March 2007, an increase reached 150%. The constant influx of new customers then allowed brokers expect further rapid increase in business volumes and make bold predictions about how many quarters the number of Russian citizens who were stock investors, step over a million and a half, two million people. By the way, on the MICEX, even now, after three years, recorded only 750 thousand unique clients (including 726 thousand individuals). From this figure must also deduct a larger share of accounts that are actually being used and remain open only because their owners do not reach this hand. Very indicative in this sense an example of the Savings Bank. He alone among the major brokers, who are actively clean out the customer base last year, canceling accounts, no signs of life. As a result, the total number fell from him in March by 15% even allowing for the influx of new customers. If we consider only active accounts (which in the last month, was accomplished at least one deal), their number, many brokers for the year decreased. More - in "Nettreydera" and "Zerich Capital Management." "Our clients - mostly medium investors, and individuals. Speculators are very few. Therefore, when the market is in the outset, the activity is reduced, will increase - and increase the activity "- not discouraged CEO" Nettreydera "Denis Matafonov. "The situation in the brokerage business corresponds to the situation in non-primary sector of the economy. Taxes have risen sharply (because much of the bill brokers have to pay wages) increased other costs due to inflation. But revenues are not growing, because brokerage commissions tend to decrease and the rate of influx customers now among the lowest in recent years ", - complains CEO" ITinvest "Vladimir Twardowski. RTS's derivatives market situation looks more rosy. At the very least, all the major operators of the market growth of turnover in March of 2010, tens and hundreds of percent. On changes in the customer base to judge here did not seem possible, because Exchange does not disclose this information. But, in terms of profitability, brokers would be much more profitable if their clients are actively traded at all in FORTS, where the commission is much lower and the stock market. At the same time on the MICEX picture has been developed quite variegated in different companies and banks, the dynamics of turnover is strongly divergent. Traditionally, occupying the first line of "Finam" and the BCS, though retained a significant lead over closest pursuer (the group "Alor"), but only held out near the achievements of a year ago. However, some of their competitors have improved their results and increased their market share. "MICEX - while not the only stock exchange in Russia, where our clients operate, and the total revenue from brokerage services in the first quarter of this year we are significantly higher than the same period last year," - retorted in a BCS CEO Yuri Mintz. In turn, chairman of "Finam" Vladislav Kochetkov believes that faster growth speed is now able to demonstrate the brokers who sell or for their own benefit, including through affiliates, or customer service - large entities. "In addition, the traditional leaders of the retail market changing product lines, developing new services for themselves, such as forex and CFD. Some part of the active clients switched to them "- recognizes Vladislav Kochetkov. High leverage and lack of exchange of costs and attract speculators increased profitability of companies and banks, mastering new directions. The outflow of players in the forex exchange trading hinders growth stock brokers. The most notable loss of major stock market operators have suffered VTB24, Alpha Bank and "Uralsib". If the first two as "Finam", and BCS, involved in promoting the Forex, the latter have not yet seen in the camp followers "currency roulette." Deputy Head of Sales investproduktov VTB24 Sergei Nikolaev binds reduced client turnover of the bank exclusively with the dynamics of quotations, which in the 1st quarter of this year did not have an active stock trading. Alfa-Bank and the Corporation did not reply to requests for "F." for comment. Recall that in the "Uralsib" for some time operated a promotional campaign to provide free access to the Russian stock exchanges. According to market participants, other strong competitive advantages to offer, apparently, could not, therefore, after the stock began to give way to competitors. Along with the loss of turnover on the MICEX she recorded the weakest growth among the leading operators FORTS. The successes of "Discovery", which last March climbed to the third row among the largest participants in trading in shares on the MICEX, as well as in the first quarter leads in turnover in FORTS, some market participants to explain dumping and poaching existing players. "The last five or six months of their managers worked hard to attract customers of other resourceful brokers by offering them virtually free of brokerage services. In some cases, the commission proposed a "discovery" were lower commissions competitors for similar conditions in a decade or more times "- angry one of the interlocutors," F.. " Director General of the brokerage house "Opening" Eugene Dankevich strongly disagree. According to him, the biggest contribution to the increase in turnover as on MICEX and RTS on the futures market have clients in London subsidiary of the corporation. "And it really foreigners, but not with offshore institutions in which Russian money, which formally are also considered by foreign investors", - he says. Most of these clients had not previously worked with other Russian stock brokers and first came on both sites. To a lesser extent on the growth of the total volume of the "Discovery" influenced their own operations group, which created a large investment unit, and trade of Russian clients. As the pace of sales growth is also singled out "Renaissance Broker." Head of Equity Trading in Russia, Alexei Bachurin connects it with the update command, which began in November and is nearing completion. He notes that as the company's turnover is growing rapidly on the London Stock Exchange. The next step should be to trade depositary receipts in New York. Finally, the twenty second among brokers the highest turnover dynamics showed "Solid". According to the director of Kazan representative of Slava Arkhipov, affected not only attract new customers for brokerage services, but also increased their use of the margin loan. Also increased the volume of transactions, "Solid" committed in the framework of asset management. Summing up, cite the top manager of a major brokerage that advises a conversation with "F." not too much into one line, which you are interested in the broker takes a table at exchange turnover. "In order to" draw "on the stock exchange additional 20-30 billion rubles a month, if you have enough skill in the amount of 3 million and does not need to strain," - he knows the source "AF". Leading brokers by turnover on the MICEX stock market, billion rubles. Place the investment company, the bank I quarter. 2010 Quarter II. 2010 III quarter. 2010 IV quarter. 2010 2010 I quarter. Dynamics of the year 2011 *,% 1 Finam 947.9 1037.3 752.3 901.2 3638.8 1003.8 +5.9 2 BCS 819.0 922.9 740.2 740.7 3222.8 806, 7 -1.5 3 Alor 503.3 614.7 531.6 529.0 2178.6 574.6 +14.2 4 Opening 314.1 371.8 303.2 338.3 1327.5 519.5 + Troika Dialog 65.4 5 387.5 430.5 291.2 428.6 1537.8 414.3 +6.9 6 Zerich Capital Management 332.1 380.6 319.7 350.8 1383.1 369.4 7 VTB24 11.2 417.7 427.1 336.1 347.9 1528.8 365.9 -12.4 8 Aton 203.5 185.8 151.4 208.0 748.7 235.1 +15 , June 9 KIT Finance 165.4 207.3 158.0 169.0 699.7 221.1 +33.7 10 Alfa Bank 180.6 199.7 146.0 159.3 685.6 165.5 - Renaissance Broker 8.4 11 91.4 107.8 68.2 114.1 381.5 155.2 +69.8 12 Deutsche Bank 97.1 115.8 79.5 124.9 417.2 150.9 Gazprombank 55.5 13 91.4 84.1 75.8 109.3 360.7 128.5 +40.6 14 Savings 102.2 136.8 103.8 123.2 466.0 125.1 +22 , May 15 Credit Suisse Securities 87.3 116.9 67.8 121.3 393.3 116.9 +33.9 16 ITinvest - Prospect 64.4 83.3 75.8 87.8 311.3 92 , 9 44.3 17 Uralsib 111.7 115.7 76.9 96.1 400.4 86.5 -22.6 18 Solid 24.7 117.2 75.1 72.4 289.4 83.3 VTB Capital 237.4 19 38.1 60.2 41.5 63.5 203.3 73.1 +92.2 20 Online Renaissance 49.9 66.4 57.6 59.4 233.2 70.0 21 J. 40.5 JP Morgan 15.1 24.9 26.6 56.3 122.9 59.9 +296.7 22 14.3 19.6 Univer Capital 26.8, 38 0 98.7 39.0 172.4 23 Finance-Invest n. d. 17.4 11.0 19.5 n. d. 38.8 N. d. 24 Merrill Lynch Securities 27.6 20.4 16.3 25.9 90.3 37.6 +36.2 25 PSB 12.9 7.0 8.8 29.3 57.9 36.8 +184 , January 26 Unicom Partner 74.8 57.5 23.4 23.6 179.4 32.2 -57.0 27 Metallinvestbank 22.4 12.5 9.2 26.9 71.0 21.4 -4, February 28 ING Bank N. dnf. dnf. dnf. dnf. d. 21.3 N. Ronin, 29 19.6 15.0 6.5 22.0 63.0 21.0 +7.3 30 Bank "Saint Petersburg" 8.4 11.2 9.1 13.4 42.0 20 142.2 3 31 Amy Trust Mr. dnf. d. 7.4 14.2 n. d. 19.5 N. Capital, 32 17.4 17.7 9.7 14.2 59.1 19.1 +9.9 33 UniCreditSekur n. dnf. dnf. d. 24.0 N. d. 17.2 N. d. 34 RosEvroBank 10.5 29.5 25.0 26.1 91.1 16.8 +59.9 35 Nettreyder 15.9 19.5 12.8 15.0 63.2 16.6 +4.2 Energocapital 36 15.3 12.4 10.4 13.2 51.3 15.7 +2.5 37 Zenith 22.1 26.2 8.2 10.6 67.0 15.0 -32.1 38 Unity Mr. Trust. etc. 9.7 n. d. 13.5 N. d. 13.9 N. , 39 UBRD 8.7 n. etc. 7.5 n. dnf. d. 12.0 37.8 40 N Eurofinance. d. 18.3 9.4 11.1 n. d. 12.0 N. , 41 11.3 14.7 N Olma. d. 11.0 N. d. 11.5 1.4 42 Rick-Trust 13.0 11.7 9.2 11.4 45.3 11.4 -12.5 43 Nomos Bank 6.8 13.3 6.7 9 5 36.4 11.3 +65.3 44 Ak Bars Finance Mr. d. 13.2 21.1 14.9 n. d. 11.0 N. Bank of Moscow on 45 20.2 18.9 10.9 12.5 62.5 10.9 -45.8 46 Centrokredit Mr. dnf. dnf. d. 12.0 N. d. 10.1 N. , 47 Perm stock company called. dnf. dnf. dnf. dnf. etc. 9.7 n. My bank, 48 7.4 9.8 n. dnf. dnf. d. 9.4 27.7 49 Russ-Invest n. dnf. dnf. d n. dnf. etc. 9.1 n. Metropole on 50 22.9 9.0 2.9 4.8 39.5 6.3 -72.5 51 Veles Capital 10.9 10.2 4.6 7.2 32.9 6.3 -42, Region 5 52 0.9 1.8 n. etc. 4.6 n. d. 4.6 53 439.8 4.5 4.6 Capital Urs H 3.7. dnf. d. 3.7 -16.7 Source: "F.." Calculations on publicly available information on MICEX. We took into account the results of trading in native mode. In some cases, because of incomplete information are estimates, calculated on the basis of available data, the MICEX. Actual figures may be slightly below estimates. * From I quarter of 2010 for the I quarter of 2011. Leading brokers by turnover on the futures market RTS billion rubles. Place the investment company, the bank I quarter. 2010 Quarter II. 2010 III quarter. 2010 IV quarter. 2010 2010 I quarter. Dynamics of the year 2011 *,% 1 Opening 1353.9 2173.6 2115.8 2903.1 8546.3 4045.7 +198.8 2 ITinvest 1831.9 2385.4 2195.0 3095.3 9507.8 3290.6 79.6 3 BCS 1540.6 2157.5 2224.9 2812.6 8735.6 3081.7 +100.0 4 Zerich Capital Management 1012.5 1431.2 1043.9 1185.8 4673.4 1687.3 66.6 5 Alor 757.9 1350.5 1162.6 1232.5 4503.6 1603.7 +111.6 6 Finam 620.0 786.9 700.6 907.9 3015.5 1044, 8 68.5 7 Alfa-Bank 463.5 643.5 560.8 712.9 2380.7 816.2 +76.1 8 Troika Dialog 427.8 649.4 670.8 754.0 2501.9 646 3 51.1 9 VTB24 299.8 408.8 361.6 487.0 1557.2 623.3 +107.9 10 CIT Finance 339.1 562.8 471.8 690.4 2064.2 559, 5 65.0 11 Instroyinvest 130.9 466.8 457.6 406.7 1462.0 499.5 +281.6 12 Solid 171.9 268.1 290.8 423.2 1154.0 413.6 + 140.6 13 Uralsib Capital - Financial Services 266.9 234.2 238.8 260.9 1000.8 355.0 +33.0 14 184.7 262.1 289.5 Metallinvestbank 511.8 1248.2 270 4 46.4 15 Olma 105.3 102.6 122.5 212.8 543.2 245.5 +133.1 16 Renaissance broker 62.4 115.0 87.2 140.3 405.0 177.3 184.0 17 Aton 64.2 94.5 109.6 145.0 413.3 172.1 +167.8 18 Ak Bars Finance 98.2 100.4 92.7 97.7 389.0 117.1 Credit Suisse 19.2 19 22.3 45.5 31.3 68.2 167.3 108.4 +386.3 20 Handicap-capital 45.0 65.0 70.7 76.8 257.5 96, 4 114.1 21 Eltra 63.6 74.7 56.6 93.8 288.7 81.7 +28.4 22 Baltic Financial Agency 24.7 42.8 57.6 56.4 181.4 81, 230.1 6 23 RIC-finance 12.7 20.8 23.9 44.4 101.8 74.3 +487.5 24 Absolut Bank 60.9 67.2 79.5 121.9 329.5 68 7 12.9 25 Octane broker 41.6 56.7 59.1 73.2 230.6 64.5 +55.0 26 N VTB. Nc e. 21.9 23.9 n. d. 58.8 N. , 27 Univer Capital 12.5 20.4 17.1 41.9 91.9 57.7 +363.6 28 Zenith 55.0 52.0 31.6 46.7 185.3 56.1 +2, 0 29 Bank "Saint Petersburg" 7.3 33.1 20.8 48.4 109.5 54.1 +644.1 30 N Education. d. 75.9 91.3 98.0 n. d. 53.9 N. , 31 Russ-Invest 16.7 21.2 17.3 27.9 83.1 50.6 +202.8 32 Nomos Bank 26.7 34.8 37.5 47.1 146.1 50.1 Renaissance Online 87.7 33 19.7 26.7 23.0 36.2 105.6 46.4 +135.5 34 Maxwell Capital 12.3 31.0 71.2 109.6 224.1 36.9 199.1 35 N M2M Privet Bank. d. 28.6 44.9 36.8 n. d. 36.2 N. n Region, 36. dnf. d. 0.1 2.3 n. d. 36.0 N. Gazprombank, 37 n. d. 12.2 28.1 39.0 n. d. 35.3 N. Unity Trust, 38 H. dnf. d. 4.7 12.2 n. d. 32.0 N. , 39 North-Capital H. dnf. d. 0.0 0.0 n. d. 29.0 N. Unicom, 40 Partner 12.9 23.3 21.7 26.7 84.7 27.7 +115.2 41 PSB 7.1 17.5 24.1 23.2 71.9 26.8 +275, 6 42 Mr. Merrill Lynch Securities. dnf. d. 6.2 20.2 n. d. 26.5 N. Prospect, 43 7.6 N. d. 6.9 18.1 n. d. 24.9 228.3 44 UBRD 11.7 16.7 23.6 34.8 86.8 24.6 +110.6 45 Bitsa-invest 30.9 31.4 24.5 45.5 132 3 22.2 -28.2 46 Novikombank Mr. dnf. d. 21.6 36.5 n. d. 22.1 N. , 47 n Transcreditbank. dnf. d. 2.8 9.0 n. d. 20.7 N. Veles Capital, 48 n. dnf. d. 7.1 16.3 n. d. 20.1 N. d. 49 OTP Bank n. dnf. d. 7.2 33.2 n. d. 19.6 N. on 50 Arbat Capital Management 16.2 11.8 10.4 12.0 50.4 18.7 +15.9 51 Centrokredit 26.2 19.9 21.1 24.4 91.6 18.1 -30 , 9 52 The Fourth Dimension 17.5 22.3 11.6 22.8 74.2 18.0 +2.6 53 Solidarity 18.1 20.8 9.0 12.2 60.1 17.3 -4, 6 54 Infina 21.0 19.3 10.8 12.8 63.9 13.5 -35.7 55 DBL-invest called. Dnf. d. 5.3 6.1 n. d. 12.5 N. UniCredit Securities, 56 n. dnf. d. 6.6 3.1 n. d. 11.7 N. , 57 11.3 N Transcapitalbank. d. 6.1 12.1 n. d. 11.3 0.5 58 n-invest favorite. dnf. d. 0.0 12.7 n. d. 11.3 N. d. 59 N Dohod. dnf. d. 4.3 7.4 n. d. 11.0 N. Energocapital, 60 12.6 12.7 17.5 24.3 67.1 10.3 -18.5 Source: "F.." Calculations on open-source information from RTS. * From I quarter of 2010 for the I quarter of 2011. Customers of the largest retail brokers in the MICEX Location investment company, bank account opening, thousands of active accounts, thousands Proportion of active accounts,% March 2010 March 2011 Dynamics,% March 2010 March 2011 Dynamics,% 1 86.2 94.3 9 Finam, 4 21.7 22.5 +3.8 23.9 2 BCS 65.9 82.5 +25.2 18.4 17.8 -3.2 21.6 3 213.7 182.2 Savings -14 7 17.0 14.3 -15.7 7.9 4 VTB24 154.8 161.5 +4.3 10.4 9.8 -5.2 6.1 5 32.4 37.0 14 Aton, 0 7.6 7.2 -5.1 19.4 6 Alpha Bank 40.1 50.5 25.8 6.9 7.1 2.8 14.0 16.0 21.8 7 Open + 36.3 3.3 3.5 5.3 16.1 8 KIT Finance 13.6 16.7 23.5 3.5 3.3 -6.5 19.6 15.8 17.8 9 Alor 12.7 3.2 3.2 1.8 18.2 10 Nettreyder 9.7 10.4 +7.2 2.2 1.7 -22.6 16.7 11 5.3 5.9 Uralsib 11.9 1.5 1.5 -2.2 25.1 12 Zerich Capital Management 7.1 7.9 +12.0 1.3 1.0 -21.6 12.6 13 ITinvest - Prospect 5.6 6.7 +19.5 0.9 0.9 -8.8 12.7 14 Solid 5.5 6.3 +14.6 0.8 0.8 -1.1 13.2 15 Rick -Trust 4.0 4.4 10.8 0.9 0.7 -14.1 17.0 Source: "F.." Calculations on publicly available information on MICEX. "F." compared the top 50 leading MICEX stock market operators in March of 2010 and 2011 came out of the gloom Out of the shadow of Deutsche Bank Deutsche Securities Savings URVB-finance Amy Trust Bank ING Bank Metropol Moscow GLOBEXBANK Evrogrin Eurofinances RFK-Unity Trust Bank Communication- Centrokredit Bank Absolut Bank My Bank of Khanty-Mansiysk Bank Unicredit Securities Petrocommerce ABA Infina Nomos Bank Veles Capital stock company Perm GLENIC Direct Sight UBRD castling Some are purely technical in nature. For example, "Deutsche Securities" left the table, since the entire brokerage business now consolidated on the basis of Deutsche Bank. A Savings appeared in it only because it finally allowed the MICEX disclose their turnover in the main mode of trading shares. At the same time two companies from a cohort of "retirees" ceased to exist not on their own. In particular, the scandal left the scene "GLENIC" that affected its competitors not only the huge stock market turnover, but no less impressive amount of equity. For violations of the law has been revoked license and Yekaterinburg "Evrogrina" Laureate "Stock Market Elite."