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The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market. This is usually in the form of bonds, but it may include notes, bills, and so on. Its primary goal is to provide long-term funding for public and private expenditures. The bond market has largely been dominated by the United States, which accounts for about 44% of the market.〔http://www.investinginbondseurope.org/Pages/LearnAboutBonds.aspx?folder_id=464〕 As of 2009, the size of the worldwide bond market (total debt outstanding) is an estimated at $82.2 trillion,〔(Outstanding World Bond Market Debt ) from the Bank for International Settlements via Asset Allocation Advisor. Original BIS data as of March 31, 2009; Asset Allocation Advisor compilation as of November 15, 2009. Accessed January 7, 2010.〕 of which the size of the outstanding U.S. bond market debt was $31.2 trillion according to Bank for International Settlements (BIS), or alternatively $35.2 trillion as of Q2 2011 according to Securities Industry and Financial Markets Association (SIFMA).〔 Nearly all of the average daily trading in the U.S. bond market takes place between broker-dealers and large institutions in a decentralized over-the-counter (OTC) market.〔(Avg Daily Trading Volume ) SIFMA 2009 Jan-Nov Average Daily Trading Volume. Accessed January 6, 2010.〕 However, a small number of bonds, primarily corporate ones, are listed on exchanges. An important part of the bond market is the government bond market, because of its size and liquidity. Government bonds are often used to compare other bonds to measure credit risk. Because of the inverse relationship between bond valuation and interest rates, the bond market is often used to indicate changes in interest rates or the shape of the yield curve, the measure of "cost of funding". ==Types of bond markets== The Securities Industry and Financial Markets Association (SIFMA) classifies the broader bond market into five specific bond markets. *Corporate *Government and agency *Municipal *Mortgage-backed, asset-backed, and collateralized debt obligations *Funding 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Bond market」の詳細全文を読む スポンサード リンク
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