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Secondary markets are markets in a security subsequent to its initial private or public offering. Stock exchanges are examples of secondary markets. Secondary markets have a long history, beginning perhaps with a flourishing trade in commercial bills of exchange in 12th and 13th century France. It was the French King Philip the Fair who created the profession of broker, or "couratier de change," in order to regularize this market.
Amsterdam's Bourse, which began operations in 1611, was the first true stock exchange, and this reflected the importance of Holland in world trade at that time.
