Economic Function The primary market is the"new securities market where securities are sold to the public for the first time The secondary market is the"used securities market, where previously issued securities are traded among security holders Strong C3-The Marketplace 3-63 - 6 Strong C3 – The Marketplace The primary market is the “new securities” market where securities are sold to the public for the first time. The secondary market is the “used securities” market, where previously issued securities are traded among security holders. Economic Function