Financial markets can be divided further into primary markets and secondary markets.
The primary market is often merely a fictional, not a physical, location. Governments and corporations initially sell securities-debt or equity-in the primary market. Such sales can be done by means of public offerings or private placements.
A syndicate of investment banks underwrites the debt and the equity by buying them from the issuing entities and then reselling them to the public. Subsequently people trade those instruments in the secondary markets, such as the New York Stock Exchange.
Existing securities are exchanged in the secondary market.
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