secondary market　

secondary market　二级市场，次级市场，第二市场　

Financial market where previously issued securities（such bonds，notes，shares）and financial instruments（such as bills of exchange and certificates of deposit）are bought and sold.All commodity and stock exchanges，and over-the-counter markets serve as secondary markets which（by providing an avenue for resale）help reduce the risk of investment and in maintaining liquidity in the financial system.