In the standard asset securitization, the purpose of establishing SPV is to realize the so-called "real sale" and "bankruptcy isolation". Simply put, it is to completely isolate the risks and benefits of the basic assets from the original sponsor institution, and it can also be understood as completely stripping the basic assets from the balance sheet of the sponsor institution.

The dual SPV was produced in the United States mainly to deal with a series of laws and tax regulations, with the aim of achieving "bankruptcy isolation" and "tax neutrality". )

Different from the situation in the United States, in China, it is mainly the financial system that leads to the advantages of this trading structure. The direct benefit of the double SPV structure is that it can directly acquire non-standard basic assets with the help of the extensive investment scope of the fund subsidiary's special plan, which is difficult for the brokerage collective plan to do.

It can be understood that this is the third asset securitization channel after trust and special asset management plan.