The buyers, or the investors, buy the stocks or bonds of the sellers and trade them. If the seller, or issuer, is placing the securities on the market for the first time, then the market is known as the primary market. Conversely, if the securities have already been issued and are now being traded among buyers, this is done on the secondary market. Sellers make money off the sale in the primary market, not in the secondary market, although they do have a stake in the outcome (pricing) of their securities in the secondary market.