Financial
Markets
Primary
Seconday
(IPO)
Auction
Negotiated
Auction Markets:
 NYSE
 AMSE
 CBOT/CME
Negotiated Markets:
 NASDAQ (National Association of Securities Dealers Automated Quotations)
Primary – initial company to shareholders
Secondary – shareholder to shareholder
NYSE Trading Floors
 Main floor
 The blue room
 Annex (hallway)
 The garage
Challenges
 Crowded
 Doesn’t work all day
o We trade 24 hours now (NYSE -> Pacific SE -> Japanese SE -> London SE -> NYSE)
* You have to be a member or own a seat to trade on the floor; once you own a seat, you can send as
many people as you need to trade