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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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Introduction

We use the term “markets” to refer to the creation and trading of securities and other traded instruments. Marketplaces are the venues where instruments that have been created and issued to the public are exchanged between buyer and seller. We can categorize markets in several different ways, but there are two basic distinctions among markets for traded instruments (see Figure 2). The primary market is the place where securities are created. The secondary market is the place where investors and traders trade instruments after they are issued.

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Figure 2 Market categories create a means to distinguish the markets where securities are ...

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