This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam exam. In this episode you will learn: - The core function of the primary market as the source of new capital for issuers. - How an Initial Public Offering (IPO) serves as a classic example of a primary market transaction. - The defining characteristic of the secondary market: trades between investors with no proceeds going to the original issuer. - The clear transition point where a security moves from the primary to the secondary market. - A simple memory aid: "Primary means Proceeds" to distinguish between the two market types on the exam. For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818