In the prevailing direct connection mode, brokers only participate in the trading link, and the custodian is the main body of settlement and delivery; However, in the securities settlement mode, the securities broker is the main body of settlement and delivery, and the broker can participate in the trading, custody and delivery of funds "in the whole process".
At the end of 20 17, under the supervision and guidance of the CSRC, the Shenzhen Stock Exchange and the Shanghai Stock Exchange launched the newly-established pilot project of securities trading mode conversion for Public Offering of Fund managers. At the beginning of 20 19, the brokerage settlement mode was officially changed from pilot work to routine, and more fund companies and fund products began to choose brokerage settlement mode.
It has been two years since the bond settlement mode was changed from pilot to routine. Judging from the current trend, it is not difficult to see that the cooperation between brokers and fund companies is deepening. By the end of 20021,1 1, there were 2 18 funds in the market (calculated by combining A/C shares), and the total management scale exceeded 328 billion yuan. (Source: Choice Financial Terminal). Bond funds have a blowout trend!
ETF has the characteristics of low transaction cost, high information transparency and diversified application scenarios. With the change of investor structure, the development of investment concept and the improvement of the effectiveness of A-share market, ETF market is facing new development opportunities. Although the current bond model is dominated by OTC funds, the Shenzhen Stock Exchange strongly supports product innovation, and brokers themselves have the motivation to expand bond business. In addition, the newly established fund managers have the demand of offering products in the market, so the bond ETF is undoubtedly expected to become a new starting point to change the market structure.