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随着美联储新政策法规的施行1,美国固定收益证券市场进入过渡期。券商的做市商模式式微正引发流动性匮乏,这种现象向投资者传递了债券市场的繁荣已近尾声的风险信号。与此相比更为重要的是,对于金融稳定和拓宽个人、企业融资渠道来说,高流动性的市场至关重要。以J P摩根、高盛、花旗集团为代表的银行被称为一级交易商(primary dealers),其主要通过以下三种传统方式
With the implementation of the new policies and regulations of the Federal Reserve 1, the U.S. fixed income securities market has entered a transitional period. The moderation of market-makers by brokers is causing a lack of liquidity, a sign that signals to investors the risk of a near-ending bond boom. More important than this, the highly liquid market is crucial to financial stability and broadening access to personal and corporate finance. Banks represented by JP Morgan, Goldman Sachs and Citigroup are referred to as primary dealers, mainly through the following three traditional methods