Markets
Capital markets: follow the security from issuer to investor
Organize issuers, underwriters, primary offerings, secondary trading and economic forces into a coherent map.
Start with roles
Distinguish issuers, underwriters, broker-dealers, market makers, investment advisers, transfer agents, custodians and regulators by the function they perform.
Separate issuance from trading
The primary market raises capital for an issuer. The secondary market lets investors trade existing securities. Trace where proceeds go and which disclosure or market mechanism matters.
Connect policy to markets
Interest rates, inflation, business cycles and fiscal or monetary actions can affect prices, yields and investor behavior. Focus on directional relationships rather than predictions.
Review offering language
Know the purpose of registration statements, prospectuses, exemptions, underwriting arrangements and offering periods at the level specified in the FINRA outline.
Official sources
Confirm current fees, enrollment, accommodations, provider instructions and registration requirements before acting.