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See: Secondary market.
The market for all investors in a security, except for the first ones to whom a new issue of a security is sold. The secondary market consists of all sellers and buyers, except for the issuer and the first group of investors who bought the issue. The secondary market is often less volatile than the primary market because it is easier to determine the underlying value of a security after it has already begun trading. Nearly all trading of a security occurs on the secondary market.
See secondary market.