A marketplace, physical or virtual, where investors and market participants buy and sell securities (and generally tradable assets) from other market participants, for different purposes, mainly including trading for profit, risk management and hedging, market exit, etc.

Secondary markets are exchanges where securities such as stocks are traded, and as such it is distinguished from primary markets where such securities are introduced to the market for the first time. For example, if an investor or trader wants to buy an XYZ stock, he/ she would do so at the secondary market, purchasing the stock from investors who already own the stock rather than the issuing company (XYZ).