美国市政债券市场面面观

Report on the U.S. Municipal Securities Market

美国市政债券市场在过去的几十年中快速发展,成为资本市场越来越重要的组成部分。市政债券在支持美国基础设施建设方面作用重大,其多样化程度高,二级市场交易也很活跃。但相对于市政债券市场的规模与重要性,其所受到的监管重视程度明显不够。

Over the past decades, the municipal securities market has grown significantly and played an increasingly important part in the development of the U.S. capital markets. The municipal securities market, which is critical to building and maintaining the infrastructure of the United States, is highly diversified and has significant trading volumes. Despite its size and importance, however, the municipal securities market historically has not been subject to the same level of regulation as the other sectors of the U.S. capital markets.