if the sales of products are not settled in Zhongdeng, it is not necessary to access Zhongdeng TA. For example, at present, private placement is basically based on self-built TA. Even if the TA business is handed over to a third party, the third party also uses the self-built TA model. However, if the on-site settlement products are involved, such as ETF funds and LOF funds, the former can only be traded on-site and the latter can be traded on-site or off-site, but as long as they are fund products involving on-site settlement and delivery, they can only be registered in Zhongdeng TA for processing. Therefore, the products currently applicable to the self-built TA system are mainly limited to OTC open-end funds. Generally speaking, Public Offering of Fund companies will build two TAs, namely, self-built TA and Zhongdeng Branch TA, while private equity funds only build their own TAs.

TA system is divided into self-built TA and sub-TA. What does that mean? At present, users of TA system include fund companies and China Registration and Clearing Company. Among them, self-built TA is a TA system established and operated by fund companies and securities companies themselves, which is responsible for the registration and settlement of their own products. The share registration and settlement of self-built TA are all on the fund company's own side. Now more and more fund companies adopt self-built TA, which is more convenient than Zhongdeng TA in product settlement and other aspects. Of course, we must occasionally spit it out. Because of the self-built TA, many fund companies customize some parameters according to their own needs, which makes some businesses unacceptable. For example, some fund companies' systems do not support redemption discounts, which is quite pit. Corresponding to the self-built TA is Zhongdeng TA, which was established and operated by China Depository and Clearing Corporation as the name implies, and the ports delegated to various fund companies are called sub-TA. The registration and settlement of the system are in China Securities Depository and Clearing Co., Ltd.. At present, the main business functions provided by the system basically cover the business functions of the TA system built by fund companies.