The fund TA system of TA fund account is facing great changes

There are indications that the registration (TA) system of fund management companies in China is facing the biggest change since the establishment of open-end funds last year. The registration and settlement of open-end funds led by China Securities Registration Company is gradually moving towards the center of the market. With the acceleration of its docking with commercial banks, especially the four state-owned commercial banks with widely distributed outlets, it is possible for fund management companies to completely outsource TA system. So, will this make fund management companies completely give up developing their own TA system? On February 5th, 65438, the signing ceremony of the docking between China Securities Depository and Clearing Corporation and China Agricultural Bank's open-end fund technology system was held in Beijing, and the docking system will be put into use formally next year. 165438+1October 30th, Tiantong Fund Management Company, which recently obtained the approval for the establishment of Tiantong 180 index fund, said that it would fully entrust China Securities Depository and Clearing Corporation as the registered agent of Tiantong 180 index fund. Previously, existing financing fund management companies took the lead in trying to adopt the system of China Clearing Company when issuing new blue-chip financing funds. Undeniably, policy promotion is an important factor in the reform of open-end fund TA system. Gui Minjie, assistant chairman of China Securities Regulatory Commission, said last month that China Securities Regulatory Commission will promote the development of fund industry from three aspects next year. This includes promoting the specialization of TA system. He pointed out that studying the operation of open-end fund TA system plays an important role in the next development of the fund industry. Although the operation is relatively normal now, from the experience of other countries, when the fund market develops to a certain scale, the requirement of specialization is more and more urgent. The background system should take the road of specialization, which is the responsibility of professional companies. Fund companies can put more energy into trading, investment and sales, which is the trend of market development. He believes that from the perspective of the regulatory authorities, the operation of such professional companies should be supported. The emergence of specialized system is a sign of market development. From the perspective of investors, through the unified registration and settlement technology platform of open-end funds, open-end funds are expected to further reduce operating costs, making it more convenient for investors to buy and sell funds. From the perspective of fund management companies, on the one hand, cost accounting is a very realistic problem, especially for newly established companies, early introduction of centralized registration and settlement service system can not only reduce costs, but also provide strong technical support for the innovation of fund products. In addition, we can actively adopt international standards to realize the docking with overseas registration and settlement systems, thus providing strong background support for the international development of domestic financial institutions. In the future, the launch of exchange-traded funds and the opening of closed-end funds need the support of the whole securities market registration and settlement system. Insiders pointed out that although adopting a unified TA system is the development trend, it will take some time to dispel the concerns of fund companies. At the same time, the personalized service ability of China Securities Clearing Company, the level of charging fees from fund management companies, and the strength of work efficiency are all the keys that affect this process. According to the reporter's understanding, while more new companies are rapidly transitioning to a unified TA system, there are still many fund management companies planning to adopt their own TA systems. Moreover, even the former still retains its own TA system, but the scale is much smaller. The reason for this is that, on the one hand, some established fund companies have invested heavily and it is impossible to give up voluntarily in the short term; On the other hand, it is also a great temptation for fund companies to have their own customer information and the convenience of testing new products. Judging from the development experience of overseas markets, it is not uncommon for some large fund management companies to adopt their own independent TA system. Therefore, it is too early to assert that all fund management companies will adopt the unified system of registration and clearing companies in China. To sum up, at present, fund management companies are likely to adopt a combination of self-construction and outsourcing in the t a system, and it is more likely that new companies, especially new purely domestic companies, will take the lead in joining the unified TA system. As for some established fund companies, they will not give up their TA system in the short term.