Secondary Securities Markets

          Secondary securities markets for securities facilitate the transfer of previously issued securities from existing investors to new investors. Security transaction or transfer typically take place on organized security exchanges or in the electronic over-the counter market. Individuals and other investor can actively by and sell existing securities in the secondary market. While these secondary markets investors may make gains or losses on their security investments, the issuer of the securities does not benefit (nor does it lose) from these activities. The secondary market for securities is typically divided into short-term (money) and long-term (capital) market categories.