The fee charged by a mutual fund when purchasing shares, usually payable as a commission to amarketing agent, such as a financial advisor, who is thus compensated for his assistance to a purchaser. It represents the difference, if any, between the share purchase price and the share net asset value. A market that provides for the purchase or sale of previously owned securities.
Most trading is done in the secondary market.
The New York Stock Exchange, as well as all other stock exchanges, the bond markets, etc., are secondary markets. If an investor thinks the price of a stock is going down, the investor could borrow the stock from a broker and sell it. For instance, you borrow 1000 shares of XYZ on July 1 and sell it for 8 per share. Then, on Aug 1, you purchase 1000 shares of XYZ at 7 per share. All option contracts of the same class that also have the same unit of trade, expiration date, and exercise price.