1. US Treasury bond market

The bonds issued by the US federal government are collectively referred to as US Treasury bonds, which are the cornerstone of the US bond market. Under normal circumstances, local currency bonds issued by the central government basically have no default risk, so these bonds are regarded as "risk-free assets" and their yields are also regarded as "risk-free returns" by the financial market, which has a great impact on the pricing and trading of other financial assets.

According to different maturities, U.S. Treasury bonds with 1 year are called treasury bonds, those with 1 year and1year are called treasury bonds, and those with1year are called treasury bonds. In addition, according to the characteristics of treasury bonds, US treasury bonds include treasury inflation-protected securities and floating-rate treasury bonds.

2. US federal agency bond market

In fact, American federal agency bonds generally refer to bonds issued by two types of institutions. One is the bond issued or guaranteed by the US federal government agency; The other is bonds issued by government-supported enterprises approved by Congress to achieve public goals.

3. American municipal bond market

4. American corporate bond market

There are many kinds of corporate bonds in the United States, which are divided into public bonds and private placement bond.

American derivatives market

The United States has the current global derivatives market, and Chicago and new york are the places where derivatives transactions are most concentrated.

Financial market supervision in the United States

Since the 1929- 1933 crisis, the United States has implemented a "double-layer multi-head" financial supervision system. The so-called "double layer" means that there are financial supervision departments at both federal and state levels; "Multi-head" refers to the establishment of multiple regulatory agencies to exercise different regulatory responsibilities.

1. federal and state level supervision

The United States Congress, state and local councils all have legislative power.

In addition, there are inter-departmental regulatory mechanisms in the United States, mainly the Federal Financial Institutions Inspection Committee (FFIEC) and the President's Financial Markets Working Group (PWG).

2. Separate supervision system

(1) Banking regulators. Most banks in the United States are supervised by more than one regulator.

(2) Securities regulatory agencies. Various securities markets in the United States, including government bonds, municipal bonds, corporate bonds, stocks, derivatives markets, etc. It is supervised by different regulatory agencies, such as the US Treasury, the Municipal Bond Decision Committee, the Securities and Exchange Commission, the US Financial Industry Regulatory Authority and the Commodity Futures Trading Commission.

(3) Insurance regulatory agencies

The insurance regulatory responsibility in the United States is mainly borne by the insurance regulatory bureaus of the States, including daily supervision such as market access, monitoring and inspection.

In addition, the insurance regulatory bureaus established the National Insurance Regulatory Association in 1987 * * as an auxiliary regulatory body of the insurance regulatory bureaus.