Local government financing vehicles (LGFVs) are the main issuers in the bond market. They undertake the construction of basic infrastructure and play an important role in the local economy. This article analyzes the background, characteristics and essence of commodity trades of LGFVs. Then it analyses the principles of gross and net income method, as well as the relevant regulations between financing trade and fake trade. It puts forward the risks and countermeasures which should be paid attention to in commodity trading business of LGFVs.

This paper reviews the development of the EU securitization market and summarizes the basic principles of bank securitization significant risk transfer (SRT) and EU regulatory practices, including regulatory document requirements, the SRT testing framework and quantitative testing principles, key assumptions for credit risk, and the direction of SRT regulatory improvement. The paper examines the development of China's bank securitization market and the current environment of judging significant risk transfer. It identifies existing problems in the market and puts forward some suggestions for improvement.

This paper assesses the history of the transformation of the net value of wealth management products and argues that although the transformation of net value has achieved certain results in terms of quantity, there is still room for improvement. After four years of exploration and development, net value transformation has shown characteristics such as standardization, specialization, and operational transparency.

This paper analyzes the degree of wealth management products' net value business by constructing qualitative and quantitative indicators while compiling the net value index and comparing public funds and bond indexes. Finally, it analyzes the factors that restrict the development of net value business and makes corresponding suggestions.

Liquidity is an important dimension in measuring bond market efficiency, and greater liquidity can enhance price discovery and the effectiveness of market transactions. China's interbank bond market has been developed and improved in the process of capital market reform, and liquidity levels have been significantly improved, but there is still a gap between the China market and more mature financial markets such as the United States.This paper compares the degree of linkage between the underwriter and the market maker system in China and the United States. It also discusses the shortcomings of the secondary trading mechanism in China, such as weak linkage at the primary level and insufficient incentives for market making. It also offers proposals for reform.