Institutional Evolution on vtoollabhttps://vtoollab.com/tags/institutional-evolution/Recent content in Institutional Evolution on vtoollabHugo -- gohugo.ioenadmin@vtoollab.com (vtoollab)admin@vtoollab.com (vtoollab)© 2026 vtoollabMon, 24 Aug 2026 12:00:00 +080020 Years of Third-Party Custody: The Institutional Leap from 'Brokerage Margin Misappropriation' to 'Zero-Risk Client Funds'https://vtoollab.com/posts/20-years-of-third-party-custody/Mon, 24 Aug 2026 12:00:00 +0800admin@vtoollab.com (vtoollab)https://vtoollab.com/posts/20-years-of-third-party-custody/From a 64 billion RMB margin shortfall to a near 20-year ‘zero misappropriation’ miracle, third-party custody has built an indestructible firewall for China’s capital market through a ‘separation of powers’ design: brokerages manage securities, banks manage funds.