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国债期货交易真正需要关心的问题,是如何将银行等主要现货承销商和持有机构吸引到市场中来,使得国债期货市场成为有效的发现价格和管理风险的场所。债券市场是现代金融体系的压舱石。2012年,全球债券市场的持仓量超过100万亿美元。债券市场是储蓄的主要蓄水池,也是国家和各级政府调节财政收入和支出的主要工具。2012年,美国联邦政府264次公开拍卖政府债券,总金额达到7.9万亿美元。完整的金融体系需要有成熟透明和统一监管的的债券市场,而成熟的债券市场需要有效的价格发现机制。从这个意
The real issues that need to be considered in Treasury bond futures trading are how to attract the major in-place underwriters and holding institutions, such as banks, to the market so that the Treasury bond futures market can become an effective place to discover prices and manage risks. The bond market is the ballast of the modern financial system. In 2012, the global bond market held more than 100 trillion U.S. dollars. The bond market is the main reservoir of savings and the main instrument for regulating fiscal revenues and expenditures by the state and all levels of government. In 2012, the U.S. federal government held 264 public auction of government bonds with a total amount of 7.9 trillion U.S. dollars. A complete financial system requires a mature, transparent and uniformly regulated bond market, while mature bond markets require effective price discovery. From this meaning