As per the classification of Securities Industry and Financial Markets Association, bond market is a broad term that can be further divided into various categories. These include corporate bonds, municipal securities, asset-backed securities, mortgage securities, money market instruments, Federal agency securities and Treasury securities. Individual investors can participate in bond markets through bond funds, close-end funds and unit-investment funds.  

Trading hours of bond markets vary from country to country. At the New York Stock Exchange (NYSE), which is the largest centralized bond market, trading hours are between 9.30 AM to 4.00 PM. The Swiss exchange opens at 9.15 in the morning and closes at 5:00 in the evening. In case of Austria, bond market trading hours are between 12.30 A.M and 1.30 P.M. In case of Denmark, the official trading hours are between 8.30 AM and 5.00 PM. In Stockholm, bond market trading occurs between 9.00 AM and 4.15 P.M. In Finland, the timings are 10.00 AM to 6.20 PM. In Iceland, bonds are traded between 10.00 AM and 3.20 PM. In Korea, trading hours are from 09.00 hours to 15.00 hours for specialized market of government bonds. Trading occurs on every day except public holidays, Labor Day, Saturday, first day at the end of the year and other important occasions appointed by the Korean exchange.