Reasons for the rapid development of PB system:
In the second half of 2015, supervision imposed strict controls on the external access of third-party systems. As a result, all domestic securities firms have not accepted any external third-party system access. Fund subsidiaries, futures companies, and even insurance companies have had a serious impact on the on-market business. After this incident, these companies can only use the PB investment trading system client built by brokers to conduct business.
The differences between Hang Seng PB and Xuntou PB:
- The securities grouping management function of the Hang Seng PB system is more powerful : the Hang Seng PB system has more built-in securities groupings, and can also realize user-defined dynamic securities classification. You can freely add filter conditions on the basis of the securities template, and there is no limit to the number of securities. The classification is more flexible, which provides a good foundation for risk control in different dimensions in the future. The Securities Group of Xuntou PB is a securities group downloaded from the Xuntou server every day. If you need to add new securities groups, you can only import static securities classifications or you need to rely on them to develop new securities classification data collection scripts.
- The Hang Seng PB risk control setting is more comprehensive and flexible : The Hang Seng PB system continues the original O32risk control design model, with riskcontrol accumulation in multiple industries such aspublic funds, brokerage asset management\self-operating, insurance, trust, and private equity. Support the risk index control of various products, because the function is too powerful, but it also increases the complexity of use. The risk control function is powerful, such as: a), it can carry out risk control according to the set securities dynamic dimension. If customers have separate control requirements for certain special securities portfolios, they can set the securities dynamic grouping by themselves; b) the securities sub-control is more comprehensive, including assets There are two major categories of management scale and trading behavior, from A to T sub-category risk control; c) numerator and denominator can be set for all types of risk control, maintaining good scalability; d), supporting multiple segmented maintenance of net worth, Different net worth sets different risk control indicators.
- Hang Seng PB system full memory transaction, transaction speed : At present, our company's Hang Seng PB system is a full memory transaction system, and the transaction speed is faster. With risk control settings, a basket of orders is at the sub-second level. The mysql physical memory model used by the Xuntou PB system takesabout 2-3 seconds for basket order, which is slower than the Hang Seng PB system.
- The Hang Seng PB system needs to set up the business department information of the fund account, and the process is more cumbersome : Hang Seng PB needs to fill in the business department information when adding the account, and the business department information can be queried from the counter through the peripheral function number, and the operation is more cumbersome.
- The role setting of Hang Seng PB system is more flexible : In the Hang Seng PB workflow, investment managers, orderers, and traders are obtained through permission settings, not a fixed role, and the PB system of Xuntou has set defaults for these roles Permission, brokerage managers only need to add users under these roles. Advantages of Hang Seng PB: It is more flexible, can set permissions freely, and at the same time increases the complexity of operation. Xuntou PB advantages: simple to set up and reduce learning costs.
- The management terminal is different : Xuntou PB needs to provide customers with two terminals, one is the client and the other is the management terminal, while Hang Seng PB only needs to provide the customer with one terminal. The customer transaction process management, risk control management, transaction and other functions are all in this terminal ,Pros and cons.
- Hang Seng PB has a separate offer and direct connection to the counter : different from the traditional centralized trading counter-style ordering method, the Hang Seng PB system can be directly connected to the offer . The Hang Seng PB system has both the traditional centralized trading counter ordering method and direct connection The offer mode, that is, the Hang Seng PB Investment Trading System does not directly connect to the exchange interface through the counter after completing the capital verification and risk check to make the offer. In actual operation, the speed of the system’s entrusted offer will be greatly improved. Especially in the stage of call auction, the effect is more obvious. When there are major positive or bad news, the success rate of VIP customers for grabbing orders is greatly improved. The successful establishment of the VIP transaction channel for institutional customers has provided institutional customers with more high-end services. The Xuntou PB system only has the traditional way of centralized trading counter orders.
- Hang Seng PB has a clearing function : theHang Seng PB investment management system calculates various assets of the product based on fund accounting principles to ensure that the assets are consistent with the valuation system, thereby ensuring the accuracy of risk control and reporting. Since the brokerage counter controls the accuracy of positions, and the PB system needs to control the accuracy of assets, simple synchronization of counter costs will surely lead to errors in risk control. However, this situation will never happen in the Hang Seng PB investment management system. The payment system of the brokerage firm in transit will still be calculated to ensure the accuracy of the product's net value. However, the PB system funds and position synchronization counters of the Xuntou PB system do not have the clearing function, resulting in inaccurate calculation of product net value. Some risk control that depends on product net value cannot be set, or the setting does not work. Due to the clearing function of Hang Seng PB, the brokerage also increased the workload of clearing.
- Real-time net worth estimation of Hang Seng PB : In the past, the net worth of private equity products was estimated after the market, which resulted in relatively lagging information. In order to grasp product asset information in a timely manner and control the risk of stop loss during the transaction process, the manager hopes to know the net value information of the product in real time, so as to take timely product follow-up measures. Hang Seng's real-time net worth estimation system allows investment managers to observe real-time changes in net worth in the intraday market and inform them of the net worth risks they face in a timely manner.
- The management side of the Hang Seng PB system is relatively bloated : As many of the functions of the Hang Seng PB system to collect and process data in the background are placed on the front page, many functions of the system are not available, resulting in a relatively bloated system.
Similarities between Hang Seng PB and Xuntou PB:
- Investment process : BothHang SengPBandXuntou PBsystemscan set upinvestment advisors, investment managers, traders and other roles, which can realize a variety of investment transaction processes to meet the different transaction needs of managers;
- Abundant investment trading functions: allsupport multi-market, multi-platform, and multi-variety trading, and can provide customers with including but not limited to individual stock futures and options trading, a basket of portfolio trading, algorithmic trading, cash arbitrage, futures portfolio, southbound trading and Services such as NEEQ trading provide customers with a complete and good trading experience.
- Multi-level risk control: there are five levels of risk control for products, product groups, accounts, account groups, global risk control
- Possess product management function: PB systemmanagement subject is transferred from capital account to product account
to sum up:
The Hang Seng PB system is powerful and inherits the powerful trading and risk control functions of the O32 system. The system has many functions, and at the same time it causes the system to be bloated. Many system functions are actually useless, the system is relatively complex, and the learning cost is high. The Xuntou PB system has fewer functions than the Hang Seng PB system, with a better user experience and the system is easier to use.