1. The fund account balance is zero;
2. There is no unknown business in this fund account. For example, the rights issue has been declared, but the subscription of new shares and funds has not been handled; There are buyout repo transactions, agreement repo transactions, pledged repo transactions, margin financing and securities lending, refinancing and other unfinished businesses; There are other rights and interests in transit or other unsettled, pending settlement and pending disposal businesses stipulated by China.
"Third-party depository" is a business provided by commercial banks, which is often used in securities, futures, real estate and other trading activities. Taking the third-party depository in securities trading as an example, it means that according to the requirements of laws and regulations, the depository bank is entrusted to take charge of the deposit and withdrawal of customers' funds and the delivery of funds, and the securities trading operation remains unchanged. Securities trading settlement funds of clients of securities companies shall be deposited by banks.
This business follows the principle of "securities firms manage securities and banks manage funds", and strictly separates investors' securities accounts from securities margin accounts. Under the third-party depository mode, securities brokerage companies no longer provide customers with access services for transaction settlement funds, but are only responsible for customer securities transactions, share management and clearing and settlement. Depository banks are responsible for managing customers' transaction settlement fund management accounts and customers' transaction settlement fund summary accounts, providing customers with transaction settlement fund access services and providing settlement support for securities brokerage companies to complete enterprise fund settlement with registered settlement companies and foreign exchange recipients. The bank is responsible for completing the transfer of clearing funds between the investor's special deposit account and the brokerage bank settlement account, and handing over the brokerage clearing and settlement procedures to the bank, which will complete them on its behalf.
Securities companies that implement the third-party depository system will no longer contact customers' deposits, but the depository bank will be responsible for investor transaction clearing and fund delivery. According to shanghai securities news, the reason why the securities industry introduced the third-party depository system is mainly to fundamentally prevent brokers from misappropriating clients' deposits.
The implementation of the third-party depository system will basically not affect the existing trading habits of investors. The only difference in opening an account in a securities company that implements the third-party depository system is that funds can only be accessed through banks. This is similar to the "Bank-Securities Link" business launched by many securities companies at present.