2016-07-24-上交所-美国债券市场监管体制研究_16页_682kb

U.S. Bond Market Regulatory Framework Summary

1. Market Development Status

The U.S. bond market has experienced significant growth since the 1980s, with a compound annual growth rate of 8.67% over 35 years, far exceeding GDP growth. As of 2015, its total size reached $39.92 trillion, equivalent to 2.22 times U.S. GDP. Market hierarchy includes various trading platforms, such as securities exchanges and electronic systems, with over 60 venues. Bond types are diverse, including Treasury bonds, municipal bonds, mortgage-backed securities, asset-backed securities, corporate bonds, and government agency bonds, each with distinct market roles. Investor structure is dominated by foreign entities, mutual funds, central banks, and institutions, with specific incentives for municipal bonds.

2. Regulatory Framework

The U.S. bond market operates under a legal-based system with multi-head issuance management and centralized trading regulation. Key laws include the Securities Act 1933 and Dodd-Frank Act. For issuances, a registration system applies, with exemptions for Treasury, municipal, and certain corporate bonds, managed by agencies like the SEC, Treasury, and OCC. Trading is primarily regulated by the SEC and FINRA, with other entities overseeing specific aspects. Infrastructure involves clearing and settlement through organizations like DTCC and Fedwire, supported by rules ensuring market integrity and investor protection.