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An Introduction to Trading in the Financial Markets: Trading, Markets, Instruments, and Processes by R. Tee Williams

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1

Primary Market Process

As introduced in the “Overview” and discussed in limited detail in Book 1 of this set, the term primary market refers to the activities needed to raise capital for governments at all levels, nongovernmental organizations (NGOs), and commercial enterprises. Figure 4.1 highlights the primary market process. The basic activity is often termed investment banking. (See Book 1 for more information on the functions within investment banking.) In Part 2, we described the methods of raising capital and the organization of an underwriting. Here, we explain the underwriting process.1

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Figure 4.1 The primary market raises new capital ...

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