Secondary markets are markets where certain investments are bought and sold
after their original issue (which took place in a primary market). The proceeds
from a sale in a secondary market go to the investor, not to the company or
entity that originally issued and sold the investment. Secondary markets give
investors the opportunity to sell certain investments when they don't want to
hold the investment to its full maturity. Likewise, secondary markets also
provide investors with the opportunity to purchase certain investments at
varying terms that are not otherwise available in the primary market.