The role that a bond dealer plays in the private placement is a channel or a trading platform (he can be understood as an intermediary, and in simple terms, it is another Taobao platform). Both the incoming and outgoing parties are more assured of equity pledges with the bond merchant. , and at the same time, the target companies he is optimistic about are more likely to be accepted by financiers. At the same time, it will be more beneficial to mark the market and supervise the financial situation of listed companies in the later period. The latter question is that the trading department is actually the fundraiser under the name of the dealer, the department that prepares money for the related funds or asset management plans he makes.