Secondary market

Secondary market refers to the space where securities are traded after changing hands from the original issuer. Often it is an exchange and the securities could be either equity shares, ETFs or close-ended funds.

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For ETFs, this refers to the exchange on which ETF units are traded by retail investors. It is called a secondary market because the ETF units are twice-removed from their creator, as authorised participants further break up their block units and then release them for trading in the secondary market.