To Build A Unified Bond Market In China

China's bond market can be divided into the inside market and the OTC market. The market segmentation can be expressed as money and bonds have no freedom movement in different markets, different investors, not free choice of the market, bonds have also been divided in different markets This not only incompatible with developing the planning of a multi-level capital market of the "Eleventh Five-Year Plan" but also with a serious impact on capital market development, and hampered their financing channels and macro-control means, so we need a study on China's bond market segmentation.This paper summarizes the results of previous studies,and analysis the relevant experience of well-developed bond market with the United States as a mainly example.the study focused on the legal regulation of the bond market, the Depository Trust & Clearing as well as the experience of trading.these reveals the well-developed bond market in a unified framework for the basic system, and then compared with China's specific situation.althoughthe brilliant achievements of China's bond market, there is some insignificance and put forward:In respect of regulation is necessary to improve the relevant laws and regulations and regulatory bodies and improve long equal emphasis on the situation; the Depository Trust & Clearing, there would be bound by the Settlement Institution for the existing managed together, and to strengthen related infrastructure construction, managed to achieve a unified classification settlement; in the transaction, the main discussion to vigorously develop the market-maker system to promote market connectivity; also proposed to strengthen information disclosure and credit rating to ensure the smooth integration in the market.