初级证券(primary security）又称直接证券(direct security )，是指非金融机构如政府、工商企业乃至个人所发行或签署的公债、国库券、债券、股票、抵押契约、借款合同及其它各种形式的票据等。 直接金融市场所创造的证券被称为直接证券。
二级市场指对已在初级市场发行的证券进行买卖的市场。
The secondary market is where securities are bought and sold once they have been issued in the primary 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。
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.
二级市场：交易原物主或原发行机构曾在初级市场出售的商品或证券的市场。
Secondary market: the market where something is traded after having initially been sold (on the primary market) by the original owner or issuer.
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