Which financial market includes the buying and selling of existing securities?

The secondary market is where the buying and selling of existing securities takes place. In this market, investors trade securities that have already been issued, allowing for liquidity and price determination based on supply and demand. This is distinct from the primary market, where new securities are created and sold directly by issuers to investors. The secondary market is essential for the functioning of the financial system, as it provides a mechanism for investors to sell their securities to other investors, thereby enabling better price discovery and risk management. The private market typically involves securities that are not publicly traded and are generally available only to a limited number of investors. The public market refers to the marketplace for securities that are openly traded, but it does not specifically denote the trading of existing securities. Therefore, the secondary market is clearly the correct context for transactions involving the exchange of existing assets.