The "primary market" and "secondary market" are both unique terms. The primary market refers to the market where securities are created, while the secondary market is one in which they are traded among investors. A primary market is a place where securities are created. While the secondary market is a place where the securities are traded by investors. In the primary market, the firms sell new stocks and bonds to the public firstly, such as with an initial public offering (IPO). The secondary market is the stock market and refers to the New York Stock Exchange, the Nasdaq, and other global exchanges.