? Brokerage income of securities firms: refers to the commission obtained from fund companies after securities firms provide services such as fund underwriting or industry and company research. Sub-warehouse commission refers to the cost that a fund company entrusts several securities companies to conduct fund transactions at the same time. After the transaction is completed, it will be paid to the securities company according to a certain proportion of the actual transaction amount. Simply put, the commission of the fund warehouse is the operating income of the securities company after the fund company conducts fund transactions, that is, the fee income. Funds can be divided into broad sense and narrow sense. Broadly speaking, a fund refers to a certain amount of funds set up for a specific purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and various foundation funds. People usually refer to funds as securities investment funds.

? Because fund companies do not have the membership of the exchange, they must trade through the trading seats of securities companies. In addition, due to the huge scale of open-end funds, only one trading seat of brokers may affect the trading speed, so they will trade through multiple trading seats at the same time. Is this phenomenon a fund? Divide the warehouse? . Brokers get commissions through fund services. The income of brokerage research institute is determined by commission rebate and third-party ranking. Affect prices, manipulate the market, and engage in futures trading in the name of other members or other customers to avoid the position restrictions of the exchange. Position limit of customers or members.

? Warehousing commission is the most important source of income for securities research institutions that do not directly produce economic benefits. For a long time, the position distribution of fund companies and securities companies has not changed much. On the one hand, it still accepts the sales and research services provided by securities companies, on the other hand, it provides trading volume support for securities companies. Scoring the research results and service quality of brokers has become the most important standard for fund companies to provide brokerage commissions to securities research institutions.