The first market, naturally, is known as the Primary market where the bonds are first introduced. Some are financial institutions and others are large companies looking to expand and make investments with the money obtained from the sale of these bonds. Bonds are also issued by public institutions like the Central Bank of Nicaragua and the Ministry of Finance, now called the Ministry of the Treasury and Public Credit. Nicaraguan investors are the only ones involved in the market. All brokerage houses are first registered in the Bolsa and then given the go-ahead by the Superintendency of Banks.
Brokers have to pass a two-week course on the stock market to be eligible for a test.
If they pass the test, they will be given the right to trade on the market under any of the legally-registered brokerage houses. Brokers are also registered in the Superintendency. Once purchased, the bonds then go to the Secondary market. Here, and once again through a brokerage house, the bonds may be traded before reaching maturity. This market is the one that gives liquidity to the bonds.