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today, well, it is at 40%. 40% of our families and citizens would like to improve their living conditions in the near future. the cost of housing is quite low, an ordinary apartment costs more than 7 million, a person or family needs 10 years to save up for this housing, so this investment must, of course, be very reliable, very protected, and it is natural that the government , state always pays special attention to this. naturally, at each stage of the development of society, we took different approaches to solving the housing problem. at the beginning of 2000, in 2004, the government made a number of serious decisions in the housing sector. the mechanism of shared construction was launched, but at the same time mortgage programs were promoted, they became more accessible, we see that the next one, make a slide. we see the purchase of housing during this period.

it was quite serious, people invested from 2004 to the nineteenth year, 14 trillion rubles were brought into construction , these are all citizens of the country, this is a huge amount of money that people brought to construction, mortgages began to work with an average of only up to 20%, these were mortgage programs, and naturally this mechanism began to work, in general it until the eighteenth year he worked, worked and... we saw that at some stage it began to malfunction, the system was built in such a way that insurance companies insured people's deposits, but at the beginning of the nineteenth year we saw a big problem, next slide, and the problem was that we saw that so-called defrauded shareholders appeared, probably many of you encountered this problem, when people brought money to the foundation pit, many developers, well... did it in such a way that,

taking money for one house, invested in another, the boiler method was done , economic conditions changed, but i must say frankly, there were very serious fraudulent schemes, at the end of the eighteenth year we saw that we received about 200,000 families who brought their last money, or they took mortgage or the home was not sold, and this money simply disappeared somewhere, for many families this was a huge tragedy, it became a national problem. the president of the country drew attention to this , he gave instructions that we change this model of financing housing construction, the protection of capital, well, the protection of citizens’ investments had to be put at the forefront, then in 2019 we repeatedly worked with the ministry of finance and the central bank on new model of financial financing of housing construction, this in fact, a new financial mechanism and investments in the housing sector were created, and

of course, it had to solve the following problem: we had to protect people’s money, we had to provide permanent stable financing today. construction industry, and these are about 300 developers who built more than 100 million square m2 of housing, second, we had to guarantee that the money that the citizen brings will be concentrated in the spark account, it will be used as loan security and the developer will receive financing from projects banks, and then after the commissioning of only residential buildings, this mechanism and account were opened and the developers... received this money, this is the idea that was embedded in this mechanism, it should be noted that anton genovich said that a decision was made, all deposits these were insured, 98% of all deposits in banks, they were insured, this mechanism began to work, and of course, bank control over

construction support, that is , the citizen was practically removed from the risks, if something happened to the developer, then the bank or completed construction. or today he returned the money to the citizen, or if something happened to the bank, then the insurance payments covered his expenses. in principle, such a mechanism was created, and we saw that the transition, if we take it as of january 1 of this year, the transition was completely completed, so we believe that, well, probably a unique system of investment in the housing sector has been created , this probably confirms that all the difficult periods since the twentieth year, when we began a serious transition, firstly, it should be noted that if you imagine that at the time of the transition to 2018, construction was about 43 billion of money, only 400 billion was the money of developers, 600

billion was the money of banks, in fact , about 3 trillion money people, and it is clear that we understood that... it was impossible to make this transition overnight, a smooth transition was made, this transition was made possible by those systemic developers who built more than 4 million m2, built in more than five or six constituent entities of the russian federation, they got smoothness transition until they complete their projects, today we can state that today we see that this model has now taken place, we see that developers have received stable financing. since the twentieth year, gradually introducing and opening up housing construction, just last year up to 50 million new projects were put into construction, now about 106 million square m2 are being built throughout the country, those problems of shareholders, those 3000 families, 200 apartments,

the state created fund for the protection of the rights of shareholders, financed 300 billion rubles, practically closed this entire problem across the country, that is, we did not abandon it, and we see that now... how this model works, today we see that 16 trillion rubles of open credit lines for all developers, in the construction site chosen actually works 6 trillion rubles, already this year 3 trillion rubles were built by developers, they opened up this money, covered bank loans, the average lending rate is up to 6%, and according to data from the central bank , with... good filling out the spark account, it reaches three there, and a special rate of 3-4%. that is, to build housing safely, calmly, and conveniently. i believe that such a unique mechanism has been created for housing construction, where the most important thing is that people’s investments are protected, and this allows us

this year, based on the results of the twenty-third year , to see that the volume of housing that we will introduce will be more than 105 million m2, of which 50...

15 thousand has grown almost tenfold in recent years, we have seen that this has begun to gain momentum, now we need to take the next step, i think that this year it will be done in the first quarter, the entire use of spark accounts for developers will be extended to individual housing construction, that is, the citizen will also take a mortgage or his own money, enter into an agreement with the contractor and place the money in the spark account, and the bank will give him appropriate financing and... thus we will see that individual housing construction, if we see it today, that somewhere every

fourth house is built at the expense of mortgage loans, then we think that every the second one in the coming years will, say , be built due to this, we see in this , of course, a very serious, well, very serious, that means perspective, this is what concerns the entire mechanism, so in conclusion, i can only say one thing, that the mechanism today transition to project financing , which... exists, i think that this is probably the most serious reform over the last 30 years in housing construction, it, of course, will allow us to continue to confidently and calmly develop the housing sector, and well, i wanted just to say two words, development institute domrf, he germanov will say, in a few years, the new strategy will be closer to citizens, we are already close today, that ’s why, of course, i would like to. two mechanisms, we are talking about the financial market, of course, we, as a development institution before the mrf,

our task is to develop new opportunities, attract investment in the housing sector, launch new instruments for the financial market, of course, i can’t help but say about mortgage-backed securities, here 60 issues worth 2 trillion rubles were carried out practically from scratch together with the government, together with the central bank has launched a mechanism, today every tenth mortgage loan in 12 banks is covered by mortgage... securities, these are purchased on the market, can be exchanged, this is a good paper that works on the market today, but last year we launched another mechanism, these are infrastructure bonds, 90 billion were issued, 46 projects , this is the construction of infrastructure, we placed this, borrowed on the market, the state subsidizes us in the amount of the key amount, and we issue loans for the construction of social infrastructure, just for housing construction, these are schools, kindergartens, 50%. today we can offer the market,

so these are green standards, this is of course what i wanted to say about the housing sector, housing construction, vitaly leontievich, i wanted to ask you a question, you know, i usually have a lot at interviews in studios, but artyom told me that we have a question from the audience, let’s listen, now a young man is raising his hand, we are here, you said about the availability of what is being purchased. well, relatively not so long ago, but after completing my studies, i would like to return

back to my hometown, staroskol, and since i am a young specialist, especially a beginner, and i have certain problems with finances, that is , the salary of beginner specialists is not that high, but please tell me how a beginner can solve the housing problem specialist, because staying with your parents is clearly not an option, renting an apartment. well, it would be hard too, thank you very much, well, firstly, i’ll say briefly that the state has launched a lot of mortgage programs on the market, this is the first, this is depending on what field you are a specialist in, it-mortgage, it is very, it is practically designed for young specialists, i will say more that the subsidy that the interest rate that is given on is financed by the federal budget, many entities add. there your money, lowering it to almost 2%. in six subjects of the russian federation

there is such a mortgage specifically, we are also piloting it, we are involved as an operator, these are regional ones , the far east, the arctic zone, 2% mortgage programs aimed at young people families, for support, this is the second mechanism , well, of course, 40, maybe even 50% of people , even it will be zero, they will not take out a mortgage , and especially young people, so of course... we offer another mechanism, this is the so -called subsidized rental housing, young people in general, it is very dynamic, we are creating a lot today, we have also brought a lot of rental housing to the market, where we manage to resolve with the authorities, here in the voronezh region the interest rate is subsidized, now we have 7000 km, different rentals, with enterprises we we build corporate rentals, we have now launched 10,000 apartments subsidized by the state in the far east, when all the young professionals there, they get the keys right away, we buy housing on the market,

we furnish it, we do everything there with high quality, a person comes, and the state ... together the regional federal budget subsidizes you have seen 70% of the resignation of such apartments, we were probably the first to launch in the primorsky territory, in vladivostok, in anadra, now such projects will be launched in the near future in lipetsk, such a project will be launched in the near future in yekaterinburg, that is, such a project as subsidized rent for young families exists, here it is necessary , of course, for the regions to be more active...

already from the speeches that took place, this is clear, and there are completely different tools, again, this has already been said, this year we launched a long-term savings program, and there are advanced investors who go to the stock exchange, i ask the chairman of the board of the moscow exchange, yuri olegovich denisov, to tell us about modern technologies and investment management.

it's a crowd of people, brokers, shouting, callers trying to make a deal, but everything has changed dramatically in recent years, and now everything is completely different for us, we have different ideas about the financial market, the financial market is more like the interface of your phone, and like a computer screen, we completely different opportunities, now from the point of view of investments, it is no longer the market of professionals who worked for them in the market, it is the market of a large number of investors, including private investors, and uh, if we look, of course, under the hood are high technologies, high speeds , often at the limits of physics, computer centers, and the speed of the systems is very important, and let’s say, how close you are to the exchange system itself, what is the length of the wire, all

this indicates that it is really financial markets, they are located exactly at the ae... let's say, at the forefront of technology, and if you look from the point of view of russia, we can say that we are significantly ahead of the standards that exist in the world, please, next slide, but this all happened for a reason, it was a lot of long-term work done, carried out by industry regulators, and if we look, of course, it is important to note such things as the change in the corporate code...

how the moscow exchange index has changed, namely the broad index market from the point of view of shares over the past 20, 23 years, we see with you that it has grown 17 times, this has outpaced the inflation index, this has outpaced the dollar exchange rate and gold, and this does not even take into account dividend payments, so the prospects stock market they are very large and it seems to me that more and more people will come to this market, and it seems to me that this is what is very important for us, anton genbish said that it is important for us that the people coming, they understand, traded and did everything correctly so that... they mainly have it on

international markets, basically they have it separately for stock exchanges, separately for commodities, separately for derivatives, but here we were able to collect everything on the moscow exchange, let’s say so, these areas, we have had significant changes in connection with the departure of non-residents, non-residents, they did their transactions from the point of view of portfolio management in terms of so

-called high-frequency trading, and when they left, we had a force that, in principle, was able to replace them, because the volumes that we had at market, they , in principle, are now preserved, they exist, and we see that this driving force, which was able to stabilize the situation on the one hand in the market from the point...

2009, this is a very big indicator, good, and this led exactly to what do you have currently, about 30 million individuals have accounts, today vladimirich showed how actively we work from the point of view of clients once a month, i also wrote here, i looked at how everything would look if we look at it on an annual basis, how often do investors invest, and we see that approximately 30% of us are made by those who have... make at least one transaction, so we have a development area, not only in terms of further growth of accounts, but in terms of their further filling, with i would like to say that over

the past 5 years individuals have increased their investments in the russian market from four to 11 billion, but please, can i have the following, but what is the stock exchange for? well, the exchange is needed so that the issuer can come and attract capital on the one hand, and the investor can... participate in a promising business, give it either as a loan or let them make a purchase in the equity share market, well, if we look at the bottom part graphics, this is the volume of placement of corporate repulations, we, in principle, were good with corporate placement of corporate debt, in the twenty -third year we had a record, we had a record of 5.5 trillion raised through - and corporate bonds, now probably an interesting question, this is about: ipo ipo, well, if we look, we don’t have so there were a lot of transactions , but at the same time, we see in the twentieth, twenty-first years we had, we had 10 more new issuers, these are the issuers that

were located abroad, they came, did a double listing or a secondary listing, and simultaneously placed paper, but the situation has completely changed; we now had nine placements last year of our own, which were entirely made on the russian market. which we fully financed at the expense of russian investors, we are building a conveyor belt, namely an ipo conveyor so that companies can easily and quickly enter this market, so that they can quickly and easily attract capital, clear understandable rules, and - that i would like to say that all this is aimed at ensuring that we have our own universe of promotions in all possible industries, in order to it was possible to have a large number of different interesting... indices that can be invested and that have completely different strategies, please, next slide, as i said, we have 500 shares, 500 instruments, this is big

enough. for the number of instruments , you need to work with them correctly, so the moscow exchange, thinking about how to continue to work and what to do correctly, thought that the work needs to be carried out in two stages, firstly, an individual needs to understand in general, and where what is there, that is, by and large you, as a person who invests, you can have different accounts in completely different banks, in different brokerage companies, thanks to the great work of the central bank, which is being carried out from the point of view of open upi, we want for... in the near future this our project is in full swing, the first stage, then the second stage we want to aggregate all the client data that the client wants to give and thereby receive in a single window all his assets that he has so that he can carry out an analysis and in order , so he i could continue to take the necessary actions and invest, well , this can also be done from the point of view

of using artificial intelligence for this, please, well, here it is very important to note that when we have received all the aggregated data, further development, probably, it depends depending on how you work, well, you can work from the point of view of the classical market further through a broker, then we thought, well, it’s very good, if it’s convenient and easy to work through a broker, then why can’t you do the same from the point of view in terms of deposits, deposits, loans, insurance, and we have created financial services that add this product range in order... to have full coverage, and then, accordingly, we have an individual to effectively place and work effectively there are several opportunities in this market, well, firstly, it’s to do it yourself through brokers or through financial services in some part, from the point of view of the non- classical exchange-traded bond market, to give away trust management or use artificial intelligence, here we are we believe that the use of all these capabilities of artificial intelligence will give

- and effective interaction will greatly increase profitability and, most importantly, simplify all these processes, free up time and a person can use this time for other absolutely necessary needs, but what else i want to say is, what please next slide, well, in order to manage everything that we talked about, be it through financial services or be it through...

a literate person, that is, this is the person who understands exactly what he wants to do, because by understanding, he can set this goal, and using this goal, use it, make it achieve that result, either independently, through artificial intelligence, or through managing brokers, we therefore actively train , we have different distribution channels, namely working with individuals, we have... moscow exchange schools, there are 300,000 registered there, while we, another 2.5 million and individuals have completed our training through our basic course way-investor, we also have podcasts about money making money, so we, for our part, believe that this is very important for the further continuation of effective interaction between an individual and

a private investor. and the market and you can take the next slide, but we suggest you download the application to start, who, if anyone doesn’t have it, then start this mysterious, very important, i would say, journey precisely from the point of view of knowledge, and most importantly, we here in your application, which you will see, this is financial services, we will advise you, tell you what is better for you to learn, what is better to watch. we have data that allows us to see where you need to make efforts. thank you all very much. yuri olegovich, you just said that we need to start on the path of an investor, you also said today that the market landscape has changed, that is, we understand that previously large investors, including non-residents, made the difference, now it’s a lot of retail investors, you mentioned the number four.