The transaction system supports arbitrary market groups or queuing systems. The general rule is a semi market is a one color trade that connects smart contracts to pure cash. These are the goods purchases and ledger services that register triggering events for smart contracts.
The purely free markets are actually pure hedges, they are the two color S&Ls with no external links, and these coins just auto trade against the more traditional coins.
The ten year treasury market looks more like a ledger service to me. The ledger is the registered tax dollars available to meet the senate debt payments. The ledger service insures the tax dollar. Tax dollar users register liquidity with the service. The queuing system end sets the ten year rate. I call it a semi-market, its a ledger service by proof of collection among the debt cartel members.