▁component . ▁ ▁The ▁global ▁credit ▁market ▁in ▁aggregate ▁is ▁about ▁ 3 ▁times ▁the ▁size ▁of ▁the ▁global ▁equ ity ▁market . ▁Bank ▁lo ans ▁are ▁not ▁se cur ities ▁under ▁the ▁Sec ur ities ▁and ▁Exchange ▁Act , ▁but ▁b onds ▁typically ▁are ▁and ▁are ▁therefore ▁more ▁highly ▁reg ulated . ▁▁ ▁B onds ▁are ▁typically ▁not ▁secured ▁by ▁coll ater al ▁( although ▁they ▁can ▁be ), ▁and ▁are ▁sold ▁in ▁relatively ▁small ▁denomin ations ▁of ▁around ▁$ 1 , 0 0 0 ▁to ▁$ 1 0 , 0 0 0 . ▁ ▁Un like ▁bank ▁lo ans , ▁b onds ▁may ▁be ▁held ▁by ▁ret ail ▁invest ors . ▁ ▁B onds ▁are ▁more ▁frequently ▁trad ed ▁than ▁lo ans , ▁although ▁not ▁as ▁often ▁as ▁equ ity . ▁ ▁Near ly ▁all ▁of ▁the ▁average ▁daily ▁trad ing ▁in ▁the ▁U . S . ▁bond ▁market ▁takes ▁place ▁between ▁bro ker - de al ers ▁and ▁large ▁institutions ▁in ▁a ▁decent ral ized ▁over - the - counter ▁( OT C ) ▁market . ▁However , ▁a ▁small ▁number ▁of ▁b onds , ▁primarily ▁corpor ate ▁ones , ▁are ▁listed ▁on ▁ex changes . ▁ ▁Bond ▁trad ing ▁prices ▁and ▁volumes ▁are ▁reported ▁on ▁Fin an cial ▁Indust ry ▁Reg ul atory ▁Author ity ' s ▁( F IN RA ) ▁Trade ▁Report ing ▁and ▁Comp liance ▁Engine , ▁or ▁TR ACE . ▁ ▁An ▁important ▁part ▁of ▁the ▁bond ▁market ▁is ▁the ▁government ▁bond ▁market , ▁because