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1 year ? ., mercial paper, Tbills ? Capital Markets ? Maturity of securities 1 year ? Debt Markets (Government Securities Market, Municipal Bond Markets, Corporate Debt Markets) ? Stock Market (TSX), Depositary Receipts Market ? Foreign Exchange markets. ? Markets in which foreign currencies are traded ? Other Markets: Financial Derivative Markets 7 Financial Markets: Alternative classification Primary Market. Market for new issue of securities sold to initial buyers by investment bankers. Secondary Market. Market in which alreadyissued securities are traded among investors ? Brokers. Match buyers and sellers for a fee. ? Dealers. Sell and buy securities from buyers and sellers. 8 Types of secondary markets ? 1. Exchange Market ? Transaction are centralized in a physical location via munication work. ? Examples: TSX, TSX Venture Exchange (formerly CDNX), Montreal Exchange, Winnipeg Commodities Exchange, NYSE, AMEX. ? 2. Overthecounter Market: ? Transaction made through munications work with no physical centralization of trades ? Examples: CDN, (Canadian government bonds), NASDAQ. Foreign exchange market 9 Domestic and International Financial Markets Domestic Market ? Banks ? Money Market ? Bond Market ? Stock Market International Market ? International Bond Market ? Foreign Bonds ? Eurobonds ? Eurocurrencies ? Foreign stock markets 10 International Bond Market A) Foreign Bonds