Finally, some of these marketplaces are designed to facilitate the sale of not only secondary securities sold by existing shareholders such as venture investors, founders, angels and employees but also primary offerings where the proceeds of the sale are used by the issuing company to fund its operations.
In return, they are in theory obliged to quote prices for government securities in the secondary market.
So, if you want to make these securities saleable in the secondary market, we are told, you have to have prepayment penalties.
Freddie Mac was started in 1970 to expand the market for American home buying by purchasing mortgages from lenders and repackaging them as mortgaged-backed securities to create a secondary mortgage market.
The Milton Hershey School holds by far the biggest pot of securities of any primary or secondary school on the planet.
Most portfolio investments consist of investment in securities in the primary and secondary markets, including shares, debentures and warrants of companies listed or to be listed on a recognized stock exchange in India.
The Court held that while all "primary actors"--those who were directly part of a scheme (the emphasis is mine) to defraud investors--can be sued for federal securities fraud, the "secondary actors" who aided and abetted the fraud cannot be sued.
Now, with real estate rebounding, there has been a comeback of the secondary market, in which mortgage-backed securities are sold to investors.
Recently a lot has been written about the emergence of new private company stock marketplaces (often referred to s secondary marketplaces) where buyers and sellers of private company securities can connect and transact.
In the United States, where loans for university students are packaged and sold as securities guaranteed by the government, much post-secondary education is already financed in this way.
"If a mortgage loan can be modified during bankruptcy, it will be far more difficult to originate or sell mortgages in the secondary market, " says a Dec. 4 letter from the Securities Industry and Financial Markets Association to the Senate's Judiciary Committee.
The Justice Department also named Banc of America Securities, which it says allocated to Q Capital from IPOs and secondary offerings in exchange for kickbacks.
That secondary market was rocked as the housing boom ended, more borrowers defaulted and thousands of AAA-rated securities based on those debt obligations tumbled.
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