8.2 THE ROLE OF THE AUSTRALIAN STOCK EXCHANGE o Stock Exchange offers several import benefits. Liquidity o shareholders can generally convert their shares to cash at short notice in the ongoing market Valuation o value one's holdings of shares almost on a second by second basis Prorection o ensure a high standard of business behavior on the part of the management of listed companies. o Secondary Market(circulating market where the issued shares can be conveyed o Primary Market(new issue market) which raises the new long-term debt(borrowing)and equity (ordinary share capital) issued by both business and government8.2 THE ROLE OF THE AUSTRALIAN STOCK EXCHANGE • Stock Exchange offers several import benefits: – Liquidity • shareholders can generally convert their shares to cash at short notice in the ongoing market. – Valuation • value one’s holdings of shares almost on a second by second basis. – Protection • ensure a high standard of business behavior on the part of the management of listed companies. • Secondary Market (circulating market) – where the issued shares can be conveyed. • Primary Market (new issue market) – which raises the new long-term debt (borrowing) and equity (ordinary share capital) issued by both business and government