ADMS 3541 Lecture Notes - Lecture 23: Estate Planning, Financial Adviser, Takers

• School: York University
• Department: Administrative Studies
• Course: ADMS 3541
• Professor: Alan Go

Document Summary

The market cap of the new york stock exchange, the largest stock exchange in the world. Stock exchanges are considered to be part of the "secondary" market. You might also hear the terms "third" and "fourth" markets. These don"t concern individual investors because they involve significant volumes of shares to be transacted per trade. These markets deal with transactions between broker-dealers and large institutions through over-the-counter electronic networks. The third market comprises otc transactions between broker-dealers and large institutions. The fourth market is made up of transactions that take place between large institutions. The main reason these third- and fourth-market transactions occur is to avoid placing these orders through the main exchange, which could greatly affect the price of the security. Because access to the third and fourth markets is limited, their activities have little effect on the average investor.