Secondary Market 
 
The secondary market (marché secondaire) is the financial market for trading of securities that have already been issued.

It is the trading of shares amongst investors which does not involve the company itself. The company and its shares are the subject of the trading, but they are not directly involved as participants. That is why securities’ prices in the secondary market can be totally different as those decided earlier by the company for the issuance of those securities in the primary market. Only supply and demand determine the securities’ price in the secondary market.

In the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the secondary market be highly liquid and transparent. With secondary markets, investors know that they can recoup some of their investment quickly.