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Issuers


issuers

  •  In case of shares, the primary market refers to the initial issuance

  • The product traded – securities – are "delivered" by issuers:
    – Listed companies, who are obtaining equity financing through new share issuance (Exchanges may themselves be listed companies, as for example the London Stock Exchange Group, Nyse Euronext, Deutche Boerse, Nasdaq OMX …)

By listing on an exchange through an Initial Public Offering (IPO), a company that has previously been in private hands goes public. The issuing price is an indication of the initial price determined at the Exchange, but usually the price set by trading after an IPO can differ from the IPO price depending on:

  • The accuracy with which the IPO price was set up

  • The varying pressures of supply and demand in the secondary market
    – Issuers of bonds (including Governments)
    – Issuers of securitised derivatives

  • Derivatives instruments are contracts; the Exchange “issues” standardised contracts – futures and / or options - to be traded on-exchange.

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