風險聲明：差價合約（CFD）是屬於複雜的投資產品，因杠杆而存在快速虧損的高度風險。
交易前您應衡量是否瞭解差價合約以及是否能夠承擔發生虧損的高風險。
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Transparency
In a transparent market, participants can obtain clear and reliable information about prices, rules, costs, trades, and the products being offered. Pre-trade transparency shows available bids and offers. Post-trade transparency reports completed prices and volume. Company disclosures and fund reports provide another form by explaining finances, risks, and holdings. Transparency helps people compare choices and detect unusual activity, but it does not remove market risk or guarantee that every participant has identical information at the same moment. Some markets show a full public order book, while others rely on private dealer quotes. The word describes how visible the market is, not how safe it is.
Treasuries
Treasuries are debt securities issued by the US Department of the Treasury to finance the federal government. Investors lend money to the government and receive repayment according to the security’s terms. The name covers Treasury bills, notes, bonds, inflation-protected securities, and floating-rate notes. Bills are short-term, notes cover medium maturities, and bonds extend further into the future. Treasuries are actively traded and commonly used as reference rates for other borrowing. They are backed by the US government, but their market prices can still fall when interest rates rise. “Treasuries” refers to the full family, not only the long-term Treasury bond.
Treasury Bills
Treasury bills, often called T-bills, are short-term US government securities that mature in one year or less. They do not make regular interest payments. Instead, they are usually sold for less than their face value, and the investor receives the full face value at maturity. Paying $9,800 for a bill that returns $10,000 creates a $200 return before taxes or costs. Current Treasury bill terms range from a few weeks to one year. Their quoted yield allows different maturities and prices to be compared. Bills are not the same as Treasury notes and bonds, which last longer and normally pay interest every six months.
Treasury Bonds
Treasury bonds are long-term debt issued by the US government. Newly issued bonds currently have maturities of 20 or 30 years and pay a fixed rate of interest every six months. At maturity, the investor receives the bond’s face value. The fixed payments make their value sensitive to changing market rates. When newly issued bonds offer higher interest, an older lower-paying bond may need to fall in price to remain attractive. Long maturity also makes inflation expectations important because future payments may buy less in real terms. Treasury bonds are one part of the wider Treasury market and should not be used as a name for every government security.
Treasury General Account (TGA)
The Treasury General Account is the US government’s main operating account at the Federal Reserve. Tax receipts, proceeds from government borrowing, and other incoming funds enter it. Federal payments leave it. In simple terms, it functions like the Treasury’s checking account, although its scale and role are much larger than an ordinary bank account. Changes in the balance can affect the amount of reserves held by commercial banks. When taxes move money into the TGA, bank reserves may fall. When the government spends from it, reserves may return to the banking system. This is why markets monitor the TGA alongside Treasury borrowing and Federal Reserve operations.
Treasury Notes
Treasury notes sit between short-term bills and long-term bonds. The US Treasury currently issues them with maturities of 2, 3, 5, 7, and 10 years. They pay a fixed interest rate every six months and return their face value at maturity. The 10-year note receives particular attention because its yield is widely used as a reference in financial markets. Notes can be held until repayment or sold earlier, but their market price may be above or below face value. Interest-rate changes, inflation expectations, and demand for government debt can all change that resale price before the note matures.
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