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When investors buy and sell securities through a brokerage account, the transactions occur on what's known as the secondary market.
While the secondary market isn't a place, it includes all of the exchanges, trading rooms, and electronic networks where these transactions take place.
The issuer - company or government - that sold the security initially receives no proceeds from these trades, as it does when the securities are sold for the first time.
- Browse Related Terms: Electronic communications network (ECN), Fourth market, Instinet, National Association of Securities Dealers Automated Quotation System (NASDAQ), NYSE Arca, Off-board, Secondary market, Third market
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