SECURITIES MARKETS
IN TURKEY
Most of the world's stock exchanges have fairly humble beginnings. Some were formed as voluntary associations meeting in public places, such as coffee houses and the like. Others braved the elements and brought buyer and seller together on the `curb` or, in New York's case, `under a buttonwood tree`. A few had more organized origins, with statutory constitutions to direct their workings. But whatever the location, they were formed in response to an increase in the number of people anxious to dispose of some short of financial asset and of buyers prepared to put their savings into them. Even the earliest forms of market conferred on users the essential benefits of reducing the time, trouble and cost of looking for a buyer or seller. (The Securities Market, W.A. Thomas, 1989)
Stocks and bonds are bought and sold in two kinds of marketplaces: Primary markets and secondary markets. Primary market is that a market where firms sell new securities issued publicly for the first time. The important aspect of the work of the primary market is to ensure that savings are directed toward the most productive or profitable use, that is, the market should be `allocatively` efficient. Secondary market is that a market where subsequent owners trade previously issued shares of stocks and bonds. Without a secondary market asset holders would not be able to get the best returns or satisfaction from their portfolios.
Well than, "What is a securities market?" Securities means that stocks, bonds, options, futures, commodities and shares in a company. Securities markets is that a market of the values, where you can purchase bonds, stocks and other securities. (Business Today ...