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known as the credit market. The global credit market in aggregate is about three times the size of the global equity market. Bank loans are not securities under the U.S. Securities and Exchange Act, but bonds typically are and are therefore more highly regulated. Bonds are typically not secured by collateral (although they can be), and are sold in relatively small denominations of around $1,000 to $10,000. Unlike bank loans, bonds may be held by retail investors.

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