Classification of financial markets: (1) According to the agreed term of financial instruments, it can be divided into short-term capital markets and long-term capital markets. (2) According to the financial transaction function, it is divided into primary market and secondary market. (3) According to whether it is delivered immediately after trading, it is divided into spot market for spot trading and futures market for forward delivery. (4) According to the region of financial transactions, it is divided into domestic financial markets and international financial markets. (5) According to whether there are fixed trading places and facilities, it can be divided into tangible financial markets and intangible financial markets.