Financial Markets• Primary Market
– When a corporation issues securities, cash flows from investors to the firm.
– Usually an underwriter is involved
• Secondary Markets
– Involve the sale of “used” securities from one investor to another.
– Securities may be exchange traded or trade over-the-counter in a dealer market.
– When a corporation issues securities, cash flows from investors to the firm.
– Usually an underwriter is involved
• Secondary Markets
– Involve the sale of “used” securities from one investor to another.
– Securities may be exchange traded or trade over-the-counter in a dealer market.
Financial Markets
Dealer Vs. Auction Markets
Dealer Vs. Auction Markets• Auction markets are different from dealer markets in two ways:
– Trading in a given auction exchange takes place at a single site on the floor of the
exchange.
– Transaction prices of shares are communicated almost immediately to the public.
– Listing
– Trading in a given auction exchange takes place at a single site on the floor of the
exchange.
– Transaction prices of shares are communicated almost immediately to the public.
– Listing
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