Ayaz VildanovPublished in:
Global Markets and Financial Engineering (Russian version)
– Volume 3, Number 2 (April-June, 2016)

JEL classification: E22, G11, G12

Keywords: IIA, IIA problems, individual investment account, portfolio management, private investor, Russian stock market, security portfolio building


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Abstract:

The article is dedicated to IIA (individual investment account) tendencies and development prospects. It contains an in-detail discussion of many problems and disadvantages related to abuse of the possibility to open an IIA without crediting of funds to the account by investors. In the introduction the author describes preconditions and relevance of the state program. IIA is also considered as a synthetic product. The main part of the article is aimed at the description of IIA problems related to the abuse of the possibility to open accounts without crediting of funds thereto by investors. Possible solutions of these problems have been proposed. The article contains a proposition as for the investment portfolio building. The final part of the article contains the program development prospects as well as the directions the study of which may facilitate the process of IIA development.

Highlights:

► IIA is a synthetic product that is created with the aim of attracting liquidity to the Russian stock market
► one of the reasons for opening empty IIAs is “freeze” of funds for three years starting from the moment of account opening
► the setting of minimum investment sum for IIA and creation of the state program of life and health insurance may improve the program
► diversification according to the asset classes, as well as the use of ETF FXMM enables an efficient management of a long-term portfolio
► in the future it will be possible to study the interaction with FinTech and the possibility to use the program for pension savings within the frames of IIA

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