The concept of 2.2. PB originated from Fuman Selz, an American securities institution in the late 1970s. At that time, because the trading, clearing and custody functions of securities firms were separable, institutional clients usually designated multiple securities institutions to provide trading, clearing and custody services respectively, so fund managers needed to check all the trading and clearing data and consolidate custody reports, and a large number of transaction data processing caused a great burden to fund managers. Therefore, once the first-class brokerage service was launched, it was immediately welcomed by fund managers, and some large financial institutions quickly occupied the dominant position in business.
3. With the gradual development of the international capital market, under the constant exploration and research of securities institutions and the constant changes of the market, PB business has experienced three stages: the exploration stage in 1980s, the expansion stage from 1990s to 2007 and the transformation after the financial crisis in 2008, and PB business has occupied an important position in the international capital market.
1. PD qualification of securities company: refers to the qualification of securities company subscribed/redeemed by ETF, also known as entrusted securities company (PD). Qualifications are selected from the securities companies recognized by China Securities Regulatory Commission and confirmed by the Exchange.
2. Introduction to related content: Fund subscription refers to the behavior that investors open fund accounts in fund management companies or selected fund consignment agencies and apply for purchasing fund shares according to the prescribed procedures. The number of subscribed fund shares is calculated according to the net asset value of the fund shares on the subscription date. The specific calculation method must meet the requirements of the relevant regulations of the regulatory authorities and be specified in the fund sales documents.
3. Redemption, also called redemption, is aimed at open-end funds. The investor directly or through an agent requests the fund management company to withdraw part or all of the fund investment and remit the returned funds to the investor's account. People usually refer to funds mainly as securities investment funds.
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