A secondary market is basically the market where financial instruments are traded among investors. In the secondary market, entities issuing financial assets do not receive funds from the buyers. Those entities, whether they are corporations or governments, also called issuers, will already have received the funds needed when they first issue two main instruments of capital markets, either equities or bonds, in the primary market.

*Tulisan ini diterbitkan di Islamic Finance News Annual Guide 2020 (terlampir).