In general, securities traded in the primary and secondary markets occur in one of four markets: exchange markets, over-the-counter markets, third markets, and fourth markets. The primary and secondary securities trade in all four security markets. At this time, we will briefly review exchange markets and over-the-counter markets. Listed securities trade in the exchange markets and unlisted securities traded over-the-counter. Listed securities trade in a central location, and unlisted securities do not trade in a central location. The New York Stock Exchange and the American Stock Exchange are examples of exchanges. The National Association of Securities Dealers Automated Quotation System (NASDAQ) is an example of an over-the-counter. What did you find interesting from Section 2.2 of chapter two?

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