The traditional bill market mainly includes

First, classify the bill market according to the business subject and function.

According to the different business entities and functions, the bill market is divided into three categories: primary market, secondary market and tertiary market.

Second, the primary market

That is, the acceptance market (issuance market) of bills.

In this market, bills are born as a kind of credit certificate to realize financing function, and the basic parties of bills are used for trade exchange, payment, consideration or other capital relations.

Third, the secondary market

That is, the bill discount (including discount) market (circulation market).

In this market, it is necessary to realize the functions such as the flow of bills, the transmission of monetary policy and the feedback of market information, and it is a place for the parties involved in bill circulation, investment institutions and market intermediaries to trade.

Four-tier and three-tier markets

Namely the bill rediscount market.