An option was given to the existing Primary Dealer entities to fold back the PD business into their parent bank or group companies. Consequently, the configuration of the PD system changed from 17 standalone entities at the beginning of the year to 8 standalone entities and 10 banks undertaking PD business departmentally by the end of year 2006-07.
http://www.rba.gov.au/speeches/2018/sp-gov-2018-05-23.html  12/20  5/25/2018  Australia's Deepening Economic Relationship with China: Opportunities and Risks | Speeches | RBA  Graph 11  Putting all this together, the Chinese financial landscape and Chinese balance sheets look very different from a decade ago.