Municipal bonds are debt securities issued by state and local governments. Derivative securities are securities in which the value is derived from another security or asset. A futures contract is a security that represents an arrangement to buy or sell an asset at a fixed price at a fixed time in the future. A primary market is a market in which a security is first sold, raising funds for the issuer. A secondary market is a market in which assets are sold among investors.
Exchanges are physical trading locations.
Futures contracts are traded on exchanges such as the CBOT, the Chicago Mercantile Exchange, and the New York Futures Exchange. International markets Foreign securities markets. Important to look at since stock prices tend to move together, and general market movements are related to economic conditions. Efficient markets are markets in which information is reflected rapidly into asset prices. Evidence indicates that markets are semistrong form efficient.