Jurisdiction(s):
United Kingdom

Key definition

Secondary market definition

What does Secondary market mean? Secondary market describes trading in existing securities (for example, shares and bonds) after their initial issue in the primary market. It covers on‑exchange and off‑exchange transactions between investors, including on‑book trades, block trades, issuer buy‑backs and off‑market transfers. The expression is descriptive rather than a defined legal term, but secondary trading is regulated. In England & Wales, Scotland and Northern Ireland, the framework includes FSMA 2000, UK MiFID II/MiFIR, the UK Market Abuse Regulation and market rules (such as the Listing Rules and AIM Rules). In Ireland, the equivalent EU regimes (MiFID II/MiFIR and MAR) and Euronext Dublin rules...

New York cross-border lending and security: a guide for UK finance lawyers on market trends, UCC perfection, enforcement, intercreditor issues, and recognition of English law and judgments (Dec 2024)

Published by a LexisNexis Banking & Finance expert

Practice notes

Loan market and developments

Please provide a succinct outline of the current condition of the loan markets in your jurisdiction and any noteworthy recent developments. The US corporate loan market remains a significant pillar of the US economy. While the US loan market has undergone considerable change in recent years, it is still resilient and continues to be one of the most inventive and consequential areas within the US capital markets. Two principal components of the US corporate loan space are broadly syndicated Loans (BSL) and private credit transactions. The BSL segment is a key funding source for medium- and large-sized companies, comprising loans where multiple banks and non-bank financial institutions extend finance through a syndicate of lenders. Private credit typically involves lending by non-bank lenders on a bilateral basis or by a small cadre of lenders (often termed ‘club deals’). Both segments have seen strong growth and transformation over the past several years.

Broadly Syndicated Loans

Although private credit often captures more media focus, syndicated lending continues to lead the US loan market...

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Web page updated on 21/05/2026

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