Help CenterUnderstanding the difference between the primary market and the secondary market is essential to knowing how access to NexBridge instruments works in practice.
These two market stages serve different purposes, involve different participants, and operate under different rules.
Primary Market
The primary market is where an instrument is created and offered directly by the issuer.
In this phase, eligible participants may:
- Obtain exposure through subscription (creation), or
- Redeem positions directly with the issuer (where redemption is permitted under the instrument’s documentation).
Primary-market transactions occur through controlled distribution channels, such as:
- Authorized Distributors
- The NexBridge OTC Desk
Primary-market activity affects total supply and is governed by issuer-level compliance controls and settlement procedures
Secondary Market (Post-Issuance Trading)
Once instruments have been issued, they may become tradable between investors on approved venues. This activity takes place in the secondary market.
In the secondary market:
- Investors trade with other investors
- Total supply does not change
- Transactions occur according to venue rules and issuer-level transfer restrictions
Where Secondary Trading Happens
NexBridge does not operate a secondary trading marketplace.
Secondary trading may occur on:
- Authorized Market Participants (AMPs)
- Partner trading venues or platforms
- Approved institutional counterparties
- Regulated marketplaces supporting the instrument
While NexBridge may facilitate primary-market flows through its OTC Desk, open investor-to-investor trading occurs on authorized venues, not directly through the issuer.
NexPlace may serve as one such authorized venue within the broader distribution ecosystem, subject to its own onboarding and venue rules.