the.com/secondary market
where you buy the thing after someone else already made the first, most important purchase.
means a marketplace for trading securities, tickets, or goods that were already sold once by their original issuer.
from the term rose with modern stock exchanges: the primary market is a company or issuer selling something for the first time, the secondary market is everyone afterward trading that same claim among themselves, no new money ever reaching the original issuer again.
nyse origin1792 buttonwood agreement created a secondary trading venue
issuer gets nothingoriginal seller earns zero from resales
liquidity enginemakes primary sales attractive by promising an exit
scalping loopholeticket resale exploits weak primary market pricing
for instance
nyse stock trading — shares trade billions of times after ipo day
stubhub — resells concert and sports tickets above face value
treasury bond market — 22 trillion dollars of us debt traded post-auction