J Markets And Market Structure

Just as securities and financial institutions are born and evolve in response to investor demands, financial markets also develop to meet the needs of particular traders. Consider what would happen if organized markets did not exist. Any household wishing to invest in some type of financial asset would have to find others wishing to sell.

This is how financial markets evolved. Meeting places established for buyers and sellers of financial assets became a financial market. A pub in old London called Lloyd's launched the maritime insurance industry. A Manhattan curb on Wall Street became synonymous with the financial world.

We can differentiate four types of markets: direct search markets, brokered markets, dealer markets, and auction markets.

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