Equity securities: The market where securities are bought and sold after their original issuance as opposed to the primary market, where investors buy new securities directly from the issuer.

Debt securities and other financial instruments: The market where investors buy previously issued securities from other investors as opposed to the primary market, where investors buy new securities directly from the issuer.

Loans: The market where lenders trade loans among themselves as opposed to the primary market, where lenders make loans to borrowers directly. The secondary market is used by lenders to free up capital and manage risk.