Distinguish the primary from the secondary market and describe the market's intermediaries.

The primary market — the new securities' birth (the issuer-to-investor sale: the IPO, the rights, the private placement — Unit 8): the capital's actual raising. The secondary market — the issued securities' trading (investor-to-investor via the exchange: NEPSE's floor-and-screens): the liquidity's provision — and the primary's precondition (no one buys new paper they cannot resell). The intermediaries (the market's plumbing): the issuers' agents (the merchant bankers, the underwriters, the credit raters — Units 8's detail), the trading's actors (the brokers, the dealers, the market makers), the post-trade's machinery (the depository, the clearing-and-settlement), and the information's infrastructure (the indices, the data vendors, the analysts). The map tomemorise: primary = the capital's creation; secondary = the capital's circulation; intermediaries = both markets' arteries.