Financial market

A system in which participants trade financial assets, such as securities, currencies, and derivatives, and establish their prices.

Price discovery: The process by which trading brings buyers’ and sellers’ valuations into a market price. Orders and trades aggregate information into the prices quoted in financial markets.
Financial asset: An asset whose value derives from contractual claims or ownership rights and can be traded or held for income. Financial markets organize the exchange of these claims and rights.
Stock exchange: An organized venue that lists securities and brings together buyers and sellers under trading rules. Exchanges are one prominent venue within the wider financial-market system.
Capital formation: The accumulation of funds used to create or expand productive assets and businesses. Issuers use market financing to obtain investment capital.
Financial crisis: A severe disruption in financial institutions or markets that impairs credit, asset values, or payment systems. Market shocks can spread through institutions and financing relationships into broader crises.
Market liquidity: The ease of trading an asset quickly without substantially changing its price. Liquidity determines how readily participants can enter or exit positions.
Security (finance): A tradable financial instrument representing ownership, a creditor relationship, or specified rights. Stocks and bonds are securities commonly issued and traded in financial markets.
Over-the-counter market: A market where participants trade directly or through dealers rather than on a centralized exchange. Many financial assets trade through dealer networks instead of exchange order books.
Initial public offering: A company’s first public sale of shares to investors. An IPO connects a private company with public equity investors.
Systemic risk: The risk that disruption in one part of a financial system will impair the system as a whole. Interconnected markets can transmit failures beyond the participants directly involved.

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