Analysys of the behaviour of retail investors in the financial markets during the COVID-19 crisis

Gloria Ruiz Suarez Guillermo Cambronero Pérez

CNMV Working Papers from CNMV- Spanish Securities Markets Commission - Research and Statistics Department

Abstract: This paper describes the development in trading by retail investors in the securities market in 2019 and 2020 to identify possible changes in times of heightened uncentainty of the crisis. This article is the first that the CNMV has carried out focusing on this type of analysis and it highlights the significant increase in trading by natural persons in the context of the crisis. The increase in trading was due to the sharp rise in the number of trades executed of a smaller size, together with an extraordinary increment in the number of new investors. The abrupt movements in equity prices in 2020, together with the easy access to trading on markets deriving from the use of new technologies were the catalyst of this process, The results contained in this article are accompanied by the publication of an interactive web-based dashboard, which can be accessed by all users using any electronic device.

Keywords: COVID-19; Retail Investors; data analysis (search for similar items in EconPapers)
JEL-codes: A10 G01 G11 (search for similar items in EconPapers)
Date: 2022
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