Attendants were technical directors from the SSE, Shenzhen Securities Communication Co., Ltd. and some members. At the meeting, SSE Assistant to President Bai Shuo revealed that to realize the industry's resource sharing and thus further reduce innovation cost, the SSE would build a securities IT standard lab under the support of all sectors of the trade.

The meeting mainly discussed and summarized the PBU cooperation project. Most participants of the securities dealers held that the introduction of PUB mechanism, with creative solutions to some long-standing problems in seat management, was a significant innovation for the market structure. It will effectively press the members to further rationalize the trading management system for risk control. Furthermore, it will urge the members to transfer their department management modes to the headquarters management modes. With the launch of New Generation Trading System, a lot of PBU products and services as well as some powerful and flexible measures for risk control will be introduced in succession. All this will have a profound impact on the development of the securities market.

Participants all agreed that the research results of the PBU cooperation project, easy to be put into practice, boasts theoretical and practical significance upon deep analysis on the current issue of members' "transfer from internal seats to PBU". As special projects in the SSE Joint Research Plan, the series of research projects of New Generation Trading System, with much closer and more flexible ways in cooperation mechanism, build a new industry cooperation mode for overall improvement of the industry's technology level.

At the meeting, Bai gave high appraisal to the research work by the project group of Galaxy Securities, Industrial Securities Co., Ltd. (Industrial Securities), Beijing Gao Hua Securities Company Limited (Gao Hua Securities) and Sunlight Securities Co., Ltd. (Sunlight Securities). Bai stressed that the pioneer members, drawing on a wide range of expertise with active thinking, had made lots of suggestions for the industry's sustained development and prosperity. With the good examples set by them, such cooperation inside the industry should continue to extend. Through the cooperation mechanism of pioneer members, the communication between the SSE and the market will be sufficient and interactive, thus playing a positive role for the overall promotion of the New Generation Trading System. Next, the SSE, to realize the industry's resource sharing and thus further reduce innovation cost, will prepare to build a securities IT standard lab under the support of all sectors of the industry.

It is learned that to strengthen the interactive communication between the New Generation Trading System's development and the members as well as impel the smooth market deployment in the later stage, the SSE, at the beginning of 2006, carried out the research on a series of projects of the New Generation Trading System in the SSE Joint Research Plan. The 1st series included 6 market-related projects, covering PBU implementation, STEP application, system testing, system switching, system operation and maintenance and system function release. Sixteen pioneer members and securities dealers' counter system developers participated in the research projects. They were Galaxy Securities, Ping An Securities Co., Ltd., Guotai Junan Securities Co. Ltd., China Jianyin Investment Securities Company Limited, Changjiang Securities Co., Ltd., Haitong Securities Co., Ltd., Guosen Securities Co., Ltd., Industrial Securities, Gao Hua Securities, Sunlight Securities, Huatai Securities Co., Ltd., China Merchants Securities Co., Ltd., Hundsun Electronics Co., Ltd., Fujian Apex Software Co., Ltd., Shenzhen Kingdom Technology Co., Ltd. and Shanghai Fudan Kingstar Computer Co., Ltd. The 6 projects covered the business transformation, interface improvement, market rehearsal and deployment and the online operation and maintenance. In view of the current businesses and technologies of different member companies, fund management companies and other market participants, a series of proposals were put forward for the market participants in cooperation with the launch of the New Generation Trading System from the business and technology perspectives.