do not know what surprised me more – a bold conclusion of scientists or how they got it. To reach its conclusion, they compared the records of the Central Depository of Finland and the Helsinki Stock Exchange on all transactions of private investors in shares from 1995 to 2002 with data on intelligence quotient (IQ) of these investors (which was measured during compulsory military service 1982 to 2001).

found that investors with the highest IQ (4% of the population) is better choice to buy shares than investors with lower than average intelligence. Namely – if you look at the difference between the value of the shares two days after the purchase, it turns out that smart investors earn 4.5 basis points per day, or 11% higher in annual terms, than stupid. In terms of the sale of shares scientists no statistically significant difference between the various intelligence groups have not noticed. Однако умные инвесторы несут меньшие транзакционные издержки за счет выбора правильного момента сделки, в который разница между покупкой и продажей акций ниже.

11% умного дохода — это в чистом виде плод интеллекта, полагают профессора . This income is calculated taking into account the control of other parameters – age, income investors, their experiences, as well as characteristics such shares, as beta, firm size and profitability of previous investments. Moreover, scholars argue that the structure of Finnish society makes them experiment more pure. Unlike other countries here IQ less reflects the cultural and social factors and is a true reflection of intelligence. For example, in Finland, a free system of higher and secondary education, the quality of which varies slightly from school to school, most people are of one ethnicity and income are distributed more evenly than in other countries.

Due Why smart buy the best stocks? Scientists do not give the answer, but put forward two hypotheses: either the intellectuals have greater access to nonpublic information, or they are quickly available to them to analyze public and nonpublic information.

Any anomaly or if you want any empirical law, hitherto unknown to the participants of the stock market provides an opportunity for additional income. That’s why, for example, the largest players in the market of retail brokers do not take the conclusions of scientists? It is necessary to test their clients for IQ, then a hedge fund strategies with a dumb short – smart long, repeating the actions of their clients and clever acting simultaneously mirror symmetric about stupid customers. I’d love to see how this strategy works.

Of the top ten largest banks in the loan agreement is not content on Web sites “VTB 24″, Gazprombank, Bank of Moscow, RAB, Raiffeisen Bank and UniCredit Bank “. But almost all banks publish the contract for opening deposits and cash and settlement services.

Formerly Central Bank does not publish the requested credit instruments, so many of you will not find them, explained a top manager of a bank. The client can be difficult to find online prices for services, recognizes the employee of one of the state-owned banks, so for clients such standardization for the fact that there should be disclosed, is useful. It is important that the Bank recommends that all conditions placed on products, as well as forms of contracts with customers, it will increase the transparency of the banking services market, says deputy president of the “Absolut Bank” Oleg Skvortsov.

first recommendations information content and organization of sites of credit organizations in the Internet Bank issued five years ago. Total half year of work on this document – 34 positions for which data should be disclosed, and eight boards on the use of sites for banking services. Now the Central Bank of 37 products. Earlier, the bankers admitted, the emphasis was on the supervisory information, and not for the services of banks.

Bank also encouraged to bring to customers information about persons with a significant (direct or indirect) influence on the decisions taken government bank. Previously, the regulator ordered banks to disclose their own site in 2010

Representatives of the banks argue that virtually all of the above on their sites is not available, only little things, of which, however, they found it difficult to tell. The Bank of Moscow, VTB 24 “,” Absolut Bank and Alfa Bank assured that the recommendations of the Central Bank are going to follow.

French group now includes four bank asset – Rosbank, Bank Societe Generale Vostok (BSGV), Bank of the Delta-Credit “and Server FINANCE.UA. Such a vague structure of business in post-crisis period is not optimal. A consolidation will allow French investors to optimize the management of financial assets, reducing costs.

“will soon be announced the merger of banks, comparable in scale to the transaction of MDM Bank and VTB Bank”, – said Tuesday at the round table “The financial rehabilitation of the banking system, Russia’s first deputy chairman of Bank of Russia Gennady Melikyan, noting that it comes to banks with the participation of non-residents. Explain any details of forthcoming deals, he categorically refused. According to market participants, the transaction of this magnitude can take place only within the Top-30 banks. According to Kommersant, it is a consolidation of the banking business in Russia, the French group Societe Generale: the issue will be discussed at the Board of Directors in November. The press service of Societe Generale has neither confirm nor deny this information, saying only that “the forthcoming meeting of the Board of Directors is dedicated to summarizing the work group for the third quarter.” The press service of Rosbank yesterday failed to respond promptly to the request “Y” on the possible reorganization, the head of Rosbank Vladimir Golubkov was not available on your mobile phone.

In Russia, Societe Generale owns 64,68% universal Rosbank (even 30,38% of its shares owned by Interros, a Pharanco Holdings Co. Ltd, the remaining shares – a minority) and its 100-percent “daughters” Rosbank-Volga “. In addition, Societe Generale is a 100-percent owner of the universal bank “Societe Generale Vostok (BSGV), mortgage” Delta-Credit “(a” DK Mortgage financing BV Netherlands “) and Server FINANCE.UA specializing in consumer and auto loans.

On that question the consolidation of the assets of Russian banking group Societe Generale is in the active phase of discussion, it is known to several sources of Kommersant with the Rosbank, Banco Delta-credit “, as well as a number of sources close to Rosbank. “The last month and a half discussion on this topic is very active,” – said to Kommersant “in Rosbank. According to him, before November 10 should have a meeting with the leaders of the French shareholders of all Russian banks’ group to discuss the future conduct of the joint business. To date, the official corporate procedures have not yet started, and the scheme of consolidation has yet to approve.

According to Kommersant, “considered several options. In particular, one of them – join BSGV to Rosbank with subsequent development on the basis of offices BSGV direction VIP-banking. On the basis of the bank “Delta-Credit” it is expected to concentrate the entire mortgage business group Societe Generale in Russia, which now occupies himself “Delta-Credit”, and Rosbank, and BSGV. Fate Server FINANCE.UA, according to Kommersant, “This scheme is not defined yet.

According to another variant, it is assumed association of banks that exist in the form of joint stock companies (Rosbank, BSGV and Delta-credit “) and save it as a separate legal entity Server FINANCE.UA (exists in the form of LTD, and in this form it can not join), on the basis of which will develop the direction of consumer lending. The least possible option, which is also being considered – the translation of all banks on a single license. One of the interlocutors of Kommersant did not rule out that the results of the debate may be decided to postpone the merger.

According to Kommersant, “Rosbank-Volga” with any of the schemes, likely to be connected to Rosbank. This is the most obvious option: given 100 per cent ownership of Rosbank íèæåãîðîäñêîé “daughter”, the accession would not require conversion of shares and can be done quickly enough. According to a source of Kommersant close to Rosbank, in addition to discussions about a particular scheme is also being actively discussed on the proportion of Interros, the combined business at Societe Generale in Russia.

According to experts, the most effective and, as a consequence, realistic for Societe Generale looks scheme combining the two universal banks – Rosbank BSGV. “Given that both banks are in the top 30 by assets (10 th and 20 th places, respectively), the synergistic effect of such a transaction could be quite serious – a senior analyst believes FC Uralsib Leonid Slipchenko .- In terms of assets such joint bank could reach the same level as Yunikreditbankom, Raiffeisenbank and even the Alfa-Bank “(9 th, 8 th and 7 th position on the assets in the Top-10, respectively). He notes that the increased scale of business would give the bank significant pluses for the funding that has proved a recent example of MDM Bank. After the merger with VTB bank, he was able first among Russian commercial banks to attract foreign syndicated loan from the beginning of the crisis (see “Kommersant” dated 14 October). In addition, Rosbank has the largest among private banks’ branch network – more than 700 offices in 70 regions of Russia. For comparison: in second place on this indicator is Uralsib Bank (444 branches), the third – Alpha Bank (341). Therefore the construction of a new unified structure based Rosbank seems most logical.

“Under current circumstances such a merger would be beneficial because it will help substantially reduce costs, that is a priority for banks today — pointed director of corporate finance and M & A “UniCreditSekur Oleg Ponomarev .- In addition, the year the number one task will build market share, and the combined bank will be much easier to build a business in a competitive environment. The existence of four banks erodes the brand in the eyes clients, and the union will also help increase brand loyalty, and strengthen marketing policies. “For the banking market of the next transaction to consolidate the banks of the Top-30 – a positive signal, indicating that state-owned banks appear serious private competitors,” – added Mr Slipchenko.

According to lawyers, except goodwill owners of particular obstacles to the consolidation of Russia’s business Societe Generale should not be. 19,28% stake in Rosbank are pledged for VTB loan Norilsk Nickel, but collectively, Interros and Societe Generale hold a stake of 75.78% stake in the bank. “I do not know all the details, but in theory this should be sufficient for a decision on the reorganization, which requires a qualified majority (75% plus one share), – indicates a law firm partner,” Yakovlev and Partners “Igor Dubov .- In addition, the contract of pledge of shares generally does not include the right to vote for him “.

Financial Corporation Uralsib completes the consolidation of banking assets. Uralsib South Bank, the latter, which the corporation is not owned by bank Uralsib, joins him. Simplify the structure to a corporation to attract a strategic investor or an IPO exit after the crisis, experts say.

Over 90% of FC Uralsib controlled by Nikolai Tsvetkov, by 1,6% owned by Deutsche Bank and Morgan Stanley, another 0,8% of the shares are freely traded on the RTS. The main asset of the corporation (more than 80% of business FK) – Bank Uralsib – July 1, took 10 th place in the capital (56.6 billion rubles.) And 11-e – on net assets (408.2 billion rub.) among Russian banks. Loss Uralsib Bank on 1 September exceeded 6.8 billion rubles. by RAS.

That Uralsib began the final stage of consolidation of banking assets under a single brand, “Kommersant” reported in the bank. The last stage of consolidation will be the accession URALSIB South Bank, whose main shareholder (more than 88,3%) is now FC Uralsib. The relevant question put to a general meeting of shareholders of the Bank in December 2009, also in December will be taken a similar decision regarding the sole banking subsidiary for Uralsib Bank – Stroyvestbanka.

now existing bank Uralsib was created in 2005 through the merger of the same name and the four regional bank. At the same time there was a formation Financial Corporation Uralsib – first FC Nikoil and banking group Uralsib brought to market this brand, and in 2007 the relevant registered entity. Since then, the bank Uralsib has become a major asset of FC, and the balance of his daughter Stroyvestbanka were transferred to six regional banks, which until the end of 2007 were attached to it. This Uralsib South Bank, which was also represented in the group, until recently, remained on the balance of the corporation as an independent bank.

Accession Uralsib South Bank “will enhance the transparency of corporate structure and its investment attractiveness, hoping the bank Uralsib. Management Group has repeatedly stated he is looking for a strategic investor, or planning to enter the IPO, it was of the order of 30% of the shares. However, this never happened, according to Kommersant, one of the fundamental requirements of potential investors was to simplify the corporate structure and management of a corporation with whom the shareholder did not agree. “The existing structure with cross-shareholdings between companies of the group can not adequately assess” – explains Managing Partner FinPoint Investment Advisers Sergei Budkin.

According to the Central Bank, in August-September, 18 banks, the level of capital below the required values, increased its size to the minimum level and above. However, the question of how many banks will remain on the market, remains open – the Bank of Russia intends to verify the sources of replenishment of its own funds of small banks, fearing the spread of “inflated” capital.

told Kommersant Director Department of Licensing and financial rehabilitation of credit institutions Bank of Russia Mikhail Sukhov, in August-September the number of banks with capital to 90 million rubles. decreased. During these two months, 18 such banks increased their capital to the level established on 1 January 2010 as the minimum (90 million rubles.) And above. “Previously, such activity of owners of small banks in dokapitalizatsii not observed”, – said Mr. Sukhov. At the moment, he said, capital of less than 90 million rubles. are 112 banks.

Dokapitalizatsiya small banks is the main method used by their owners to bring capital into line with new requirements, according to the Central Bank. Other mechanisms are much less active: two small banks began to convert to non-bank institutions, another bank with a capital of 90 million rubles. Completes the procedure for accession to another player “, – said Mikhail Sukhov.

If this rate dokapitalizatsii continue in the coming months, then by January 1, most small banks can manage to bring their capital in line with the new requirements do not exclude the experts. However, according to analysts VTB Capital, Michael Shlemova, so will do no more than two-thirds of small banks, the rest will be converted to the NDA or withdraw from the market. However, adds CEO CEA Interfax Mikhail Matovnikov, screening will be much greater when the time comes to perform the next bar on the capital – 180 million rubles., – With effect from 2012.

Such a proactive part in raising capital may attract the attention of the regulator – formerly the Central Bank warned that it would closely track the origin of the funds from which banks increase their capital. “The quality of assets, which increased the capital of such players, deserves special attention, we are actively checking the sources from which held dokapitalizatsiya”, – said Mikhail Sukhov. Most likely, the banks increased their capital by the revaluation of assets, believes chief economist at Alfa Bank, Natalia Orlova. “It is unlikely that this can be considered long-term increase, but, in my opinion, the central bank will not be very hard to treat this,” – said the expert.

upsurge of small banks right now is quite logical, analysts say. “Previously, conducted an active debate on the abolition or reduction of capital requirements, even offered to install a separate license for regional banks and smaller banks are expected to liberalize the requirements – noted Mikhail Matovnikov .- When it became clear that the relief measures will not be activated process dokapitalizatsii “.

Since that time all the so-called operators of personal data, that is, organizations that have kept some information about citizens will be required to comply with new, very strict requirements for the protection of such information. However, according to experts, to implement them, they will simply be unable to.

This opinion was expressed yesterday at the press conference of the Association of Russian Banks (ARB), which discussed the forthcoming implementation of the Law on Personal Data. By itself, the law, recalled deputy head of Security and Information Protection of Bank of Russia Andrey Kurylo was adopted by our country in line with European and world trends. They aim to maximize the protection of privacy of citizens from foreign invasion, including by the state. But a balance in this case difficult. And it turned out that the law on the one hand, really is intended to better protect the personal data of citizens. But, on the other hand, he and other documents raise new, stringent technical requirements for information systems operators. And details about these requirements, it became known recently, and for the improvement of information systems and pull them to a given bracket will require a lot of money, specify the bankers. In addition, by law, all operators of personal data virtually equalized, although it is clear that the level of technological advancement is very different.

There are other difficulties. For example, under the new law credit institution, like any other operator of the personal data on the first request of citizens will have to provide them with information about the information on the citizen, which is available in the bank. It would seem a fair request. But in practice, says the chief of security of a bank Andrei Gritsiyenko, it can lead to what competing organizations bribe several clients and they literally will cast their bank requests. Rather than engage in normal work, the bank’s employees will be forced to spend all the time to correspond with customers. Or another time. Under the new law without the consent of the citizen can not ask the other organizations, information about his personal data. And sometimes you want to do, for example when applying for a job or considering a request for the extradition of credit. In addition, to January 1, 2010 must actually renegotiate with all clients new contracts and to obtain their consent to the processing of personal data. And for this will need to handle just a huge array of information.

However, the situation can be corrected, say participants of the press conference. First, they suggest not to get stuck on monitoring compliance with technical requirements for information systems, and monitor how the organization protects information that is, in essence. Secondly, it should move away from a unified approach to all operators. And give the right of sector regulators to develop standards for the protection of personal data.

Department external and public relations of Bank of Russia reports that the order of the Bank of Russia of 28.10.2009 № ML-684 revoked license to conduct banking transactions in a credit institution, Limited Liability Company Commercial Bank “Universal” LLC CB “Universal” (Sverdlovsk region , Pervouralsk).

license to conduct banking operations revoked for failure LLC CB “Universal” of federal laws regulating banking activities, and regulations of the Bank of Russia’s inability to satisfy the claims of creditors on monetary obligations and to fulfill the obligation to make compulsory payments and given the repeated within one year of the measures imposed by the Federal Law “On Central Bank of Russia (Bank of Russia).

In connection with the loss of liquidity LLC CB “Universal” does not ensure timely implementation of the settlement of creditors and depositors. The bank broke the rules for accounting and failed to comply with mandatory standards.

In accordance with the order of Bank of Russia of 28.10.2009 № ML-685 in LLC CB “Universal” was appointed interim administration is valid until the date of appointment in accordance with Federal law “On Insolvency (Bankruptcy) of Credit Organizations” bankruptcy trustee or the appointment in accordance with Article 23.1 of the Federal Law “On banks and banking activity” liquidator. The powers of the executive bodies of the Bank in accordance with federal laws suspended.

LLC CB “Universal” is a party to deposit insurance. Withdrawal of the license to conduct banking business is an insurance case, the Federal Law № 177-FZ “On the insurance of individual deposits in banks Russia”.

Department external and public relations of Bank of Russia said that the order of the Bank of Russia from 28.10.2009 № ML-686 revoked license to conduct banking transactions in a credit institution INTERNATIONAL BANK FOR “SENATOR” (Limited Liability Company) MB “SENATOR” (OOO) (Moscow).

License banking operations revoked for failure MB “Senator” (LLC) federal laws regulating banking activities, and regulations of the Bank of Russia’s inability to satisfy the claims of creditors on monetary obligations and to fulfill the obligation to make compulsory payments, and given repeatedly over one year of the measures imposed by the Federal Law “On Central Bank of Russia (Bank of Russia).

In connection with the loss of liquidity MB “SENATOR” (LLC) does not ensure timely implementation of the settlement of the accounts of clients. In addition, the bank does not comply with the values of mandatory standards and rules of accounting.

In accordance with the order of Bank of Russia of 28.10.2009 № ML-687 in MB “Senator” (Ltd) was appointed interim administration for a period of until the appointment in accordance with Federal law “On Insolvency (Bankruptcy) of Credit Organizations” bankruptcy trustee or the appointment in accordance with Article 23.1 of the Federal Law “On banks and banking activity” liquidator. The powers of the executive bodies of the Bank in accordance with federal laws suspended.