The trading of securities or other financial instruments following the initial placement occasionally the issuance: the primary market (the financial market for trading of already issued securities. In the secondary market, securities are sold by and transferred from one investor to another). – Functioning secondary markets enable investors to dispose of their securities at low cost in the event of an unexpected need for funds. Liquid securities markets thus also increase the willingness to invest in the relevant securities in the first place. – It should be noted, however, that the term “secondary market” does not have a temporal definition. A bank, for example, can acquire government bonds as a primary buyer (first buyer) and resell these securities to the central bank within one second in an extreme case. – See stock exchange price, ECB sin, liquidation, concert underwriter, market maker, secondary purchase, government securities, secondary placement. – See BaFin Annual Report 2006, p. 34 (supervisory matters); BaFin Annual Report 2007, p. 48 (preparatory work for a detailed report). BaFin Annual Report 2009, p. 59 f. (key findings from the report) as well as the respective BaFin Annual Report, chapter “International Affairs.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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