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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The primary market is where new securities are created and sold, with proceeds going directly to the issuing company.
- The secondary market is where investors trade existing securities among themselves, and the issuer is not involved.
- A firm acts as an agent (broker) when connecting buyers and sellers for a commission, and as a dealer (principal) when trading for its own account, profiting from the spread.
- Exchanges are centralized auction markets, while over-the-counter (OTC) markets are decentralized, negotiated markets.
- Market makers are dealers who provide liquidity by continuously quoting buy (bid) and sell (ask) prices, which enables smoother and more efficient trade execution.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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