The bond 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 in the form of bonds, but it may include notes, so on, its primary goal is to provide long-term funding for private expenditures. The bond market has been dominated by the United States, which accounts for about 39% of the market; as of 2017, the size of the worldwide bond market is estimated at $100.13 trillion, according to Securities Industry and Financial Markets Association. The bond market is part of the credit market, with bank loans forming the other main component; the global credit market in aggregate is about 3 times the size of the global equity market. Bank loans are not securities under the Securities and Exchange Act, but bonds are and are therefore more regulated. Bonds are not secured by collateral, are sold in small denominations of around $1,000 to $10,000. Unlike bank loans, bonds may be held by retail investors.
Bonds are more traded than loans, although not as as equity. 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 market. However, a small number of bonds corporate ones, are listed on exchanges. Bond trading prices and volumes are reported on FINRA's Trade Reporting and Compliance Engine, or TRACE. An important part of the bond market is the government bond market, because of its size and liquidity. Government bonds are used to compare other bonds to measure credit risk; because of the inverse relationship between bond valuation and interest rates, the bond market is used to indicate changes in interest rates or the shape of the yield curve, the measure of "cost of funding". The yield on government bonds in low risk countries such as the United States or Germany is thought to indicate a risk-free rate of default. Other bonds denominated in the same currencies will have higher yields, in large part because other borrowers are more than the U.
S. or German Central Governments to default, the losses to investors in the case of default are expected to be higher. The primary way to default is to not pay in full or not pay on time; the Securities Industry and Financial Markets Association classifies the broader bond market into five specific bond markets. Corporate Government and agency Municipal Mortgage-backed, asset-backed, collateralized debt obligations Funding Bond market participants are similar to participants in most financial markets and are either buyers of funds or sellers of funds and both. Participants include: Institutional investors Governments Traders IndividualsBecause of the specificity of individual bond issues, the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like pension funds and mutual funds. In the United States 10% of the market is held by private individuals. Amounts outstanding on the global bond market increased by 2% in the twelve months to March 2012 to nearly $100 trillion.
Domestic bonds accounted for 70 % of the international bonds for the remainder. The United States was the largest market with 33% of the total followed by Japan; as a proportion of global GDP, the bond market increased to over 140% in 2011 from 119% in 2008 and 80% a decade earlier. The considerable growth means that in March 2012 it was much larger than the global equity market which had a market capitalisation of around $53 trillion. Growth of the market since the start of the economic slowdown was a result of an increase in issuance by governments; the outstanding value of international bonds increased by 2% in 2011 to $30 trillion. The $1.2 trillion issued during the year was down by around a fifth on the previous year's total. The first half of 2012 was off to a strong start with issuance of over $800 billion; the United States was the leading center in terms of value outstanding with 24% of the total followed by the UK 13%. According to the Securities Industry and Financial Markets Association, as of Q1 2017, the U.
S. bond market size is: Note that the total federal government debts recognized by SIFMA are less than the total bills and bonds issued by the U. S. Treasury Department, of some $19.8 trillion at the time. This figure is to have excluded the inter-governmental debts such as those held by the Federal Reserve and the Social Security Trust Fund. For market participants who own a bond, collect the coupon and hold it to maturity, market volatility is irrelevant, but participants who buy and sell bonds before maturity are exposed to many risks, most changes in interest rates. When interest rates increase, the value of existing bonds falls, since new issues pay a higher yield; when interest rates decrease, the value of existing bonds rises, since new issues pay a lower yield. This is the fundamental concept of bond market volatility—changes in bond prices are inverse to changes in interest rates. Fluctuating interest rates are part of a country's monetary policy and bond market volatility is a response to expected monetary policy and economic changes.
Economists' views of economic indicators versus actual released data contribute to market volatility. A tight consensus is reflected in bond prices and there is little price movement in the market after the release of "in-line" data. If t
Cohors prima Alpinorum equitata was a Roman auxiliary mixed infantry and cavalry regiment. Alpini was a generic name denoting several Celtic-speaking mountain tribes inhabiting the Alps between Italy and Gaul, which were organised as the Tres Alpes provinces; the regiment was raised as one of 4-6 Alpini units recruited after the final annexation of the western Alpine regions by emperor Augustus in 15 BC. It was stationed in Illyricum, where it is recorded in 60 AD. Not than 80, it was based in Pannonia Pannonia Inferior after Pannonia was divided in two c. 107. It was still in that province c. 215, according to its last datable inscription. There were three brief interruptions to the regiment's sojourn in Pannonia, it is recorded first in Aquitania in 60-70 from recent finds of military equipments ( confirming tombstones inscriptions. The regiment's inscriptions have been found in the following Roman forts: Carnuntum; the names of 7 praefecti have been preserved. One erected a votive altar at Thuburbo Maius, while another at Caesarea, so these may be their respective home towns.
Senior officers attested are 1 decurio. One junior officer is known. An eques with the title "buc." is attested: this stands for bucinator. Caligati attested are one eques. Only the latter of all the personnel has a certain origin: he is denoted a member of the Eravisci, a Pannonian tribe. Holder, Paul Studies in the Auxilia of the Roman Army Spaul, John COHORS 2 Institut Ausonius, La voie de Rome Alpinorum auxiliary cohorts Roman auxiliaries List of Roman auxiliary regiments
The 1999–2000 NCAA Division I men's ice hockey season began on October 1, 1999, concluded with the 2000 NCAA Division I Men's Ice Hockey Tournament's championship game on April 8, 2000, at the Providence Civic Center in Providence, Rhode Island. This was the 53rd season in which an NCAA ice hockey championship was held and is the 105th year overall where an NCAA school fielded a team; the 1999–2000 season was the inaugural year for College Hockey America, a seven-team conference, created for the purpose of stabilizing all the remaining independent Division I ice hockey teams. The University of Vermont cancelled the remainder of their season on January 14, 2000, as a result of a criminal investigation into hazing practices when it was revealed that players had lied to investigators; the top 10 from USCHO.com Division I Men's Poll Note: * denotes overtime period The following players led the league in points at the conclusion of the season. GP = Games played. GP = Games played.