JV securities firms to be granted a full license (access to secondary market) instead of the present one which is limited to underwriting.

准许证券合资企业获得完全的业务牌照(可以进入二级市场)，而不同于当前只限定于保险业。

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In recent years, the Great Wall securities has a hold securities, secondary market for more than 1% market share.

近年来，长城证券始终占有证券一、二级市场1%以上的市场份额。

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Primary markets are markets where new issues of securities take place. Any subsequent resale or purchase of such securities is handled on the secondary market.

初级市场指发行新证券的市场，之后，证券在二级市场转售或购买。

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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.

FORBES: The Case For Private Company Stock Marketplaces

In return, they are in theory obliged to quote prices for government securities in the secondary market.

ECONOMIST: South Korea

So, if you want to make these securities saleable in the secondary market, we are told, you have to have prepayment penalties.

NPR: Time for Renovation at the FHA?