MOSCOW, Dec 22 (Reuters) - Tinkoff Investments, the brokerage arm of TCS Group's (TCSq.L) online bank Tinkoff, on Wednesday said it would offer securities trading on weekends, the first broker in Russia to do so, in an attempt to attract more investors.
Russia's largest bourse Moscow Exchange, part of MOEX Group (MOEX.MM), has this year extended trading hours for a wide range of instruments, including foreign currency, derivatives and bonds, as it attempts to attract more liquidity and lure business particularly from Asia.
"We are confident that weekend access to the stock market will become a major draw for investors who lack the time to follow market dynamics on weekdays, and who will now be able to promptly respond to weekend events," Dmitry Panchenko, Director of Tinkoff Investments said in a statement.
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He said cryptocurrencies and many other financial instruments have been traded 24/7 since their inception and that Tinkoff wanted to offer its customers more convenient trading hours.
The number of retail investors in Russia shot up in 2020 amid coronavirus lockdowns and record low interest rates, a trend that has continued this year and been partially responsible for a listing spree of Russian companies. read more
Tinkoff Investments told Reuters this year it was hoping to capitalise on higher net worth individuals with more niche global products, such as SPACs, pre-IPO and derivatives.
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Reporting by Alexander Marrow; Editing by Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles.
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Tinkoff Investments becomes first Russian broker to offer weekend trading - Reuters
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