Market structure overview
Capital markets consist of different venues and processes through which securities are issued and exchanged. This section outlines the general distinction between primary markets, where securities are issued, and secondary markets, where they may be exchanged. It also describes the role of exchanges and other trading venues in neutral, high-level terms. The explanations focus on commonly accepted definitions rather than operational detail. All information is provided to support general understanding and does not address participation, access, or market activity.