The movement of funds in the financial market has certain regularity. Due to the need to adjust the surplus and deficiency of funds, funds always flow from surplus areas and departments to surplus areas and departments. The movement of funds in the financial market is caused by the relationship between supply and demand of social funds. The formation of the most basic financial instruments and monetary funds is formed by banks obtaining (buying) corporate IOUs and issuing loans to enterprises. As an intermediary, banks and other financial institutions not only represent the concentration of borrowers, but also represent the concentration of borrowers. They are debtors of depositors and creditors of borrowers. So their financing is indirect financing. While creating a large number of derivative deposits, banks have established the premise for the creation and circulation of other credit instruments. When various financial instruments appear and various forms of investment and financing are formed, the circulation track of financial instruments becomes complicated. Like money, it can move funds many times, and the transaction of funds is not completed at one time. The financial market has formed a relatively independent market. Financial instruments will move out of the original trading place repeatedly, which is mostly realized through the repeated circulation of direct financing instruments such as stocks and bonds. This kind of direct financing is a direct transaction between the supply and demand sides of funds, without the help of intermediaries, or only by the centralized matchmaking of intermediaries. In addition, with the help of financial instruments issued by intermediaries, a financial circulation market is formed, which is manifested in the circulation of checks, drafts, promissory notes and loan securitization. Therefore, in the financial market, the seller of financial instruments can be transformed into a buyer, and the buyer of financial instruments can also be transformed into a seller. Coupled with the continuous influx of new trading partners, it has promoted the circulation and transfer of financial instruments; At the same time, the reverse flow of capital makes the financial market complicated. What is the scope of the financial market? Some people think that it only refers to capital transactions and financing outside banks, excluding financing activities carried out by banks. As a matter of fact, when banks move towards marketization, the financial products promoted by banks are also traded as commodities. Even in the past planned economy era, capital transactions were only planned commodity transactions. Therefore, it is obviously inappropriate to exclude large-scale capital transactions of banks from the financial market. It can be said that the financial market is the sum of capital transactions promoted by various financial institutions and financial activities. This is a macro concept. As long as it is a capital transaction, it can not be separated from the financial market, and it is all-encompassing.