Securities - Financing or investment instruments (some negotiable, others not) bought and sold

in financial markets, such as bonds, debentures, notes, options, shares (stocks), and warrants.

Investment Banker - An agent who sometimes provides extra services, such as bridge loans or
underwritings.

Auction Market - Market in which, throughout the day, buyers enter competitive bids and sellers
enter competitive orders, in contrast to over-the-counter market where trades are individually
negotiated. Most stock exchanges employ this method, but some European exchanges use
periodic auction method in which round-robin calls are made once a day. Also called auction
exchange.

Negotiation Market - A negotiated market is a type of secondary market exchange in which the
prices of each security are bargained out between buyers and sellers. In a negotiated market
there are no market-makers or order matching, instead buyers and sellers actively negotiate on
the price at which a transaction is finalized either directly or through the use of brokers. These
markets are considered very inefficient as the time, effort and lack of transparency in pricing are
large issues that can't be resolved for this type of trading.

Over the Counter Market - US: OTC securities trading system in which brokers or dealers
(called market makers) negotiate over telephone or computerized networks instead of through a
stock exchange. Trading rules for this market are established and enforced by the National
Association Of Securities Dealers. In dollar terms, it is the largest securities market in the US.
Also called outside market or third market.

Spot market - The spot is a market for financial instruments such as commodities and securities
which are traded immediately or on the spot. In spot markets, spot trades are made with spot
prices. Unlike the futures market, orders made in the spot market are settled instantly. Spot
markets can be organized markets or exchanges or over-the-counter (OTC) markets.