Exchange market or auction market is a secondary market that does not have a physical location and consists of a network of dealers who trade directly with one another.

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Exchange markets, such as stock exchanges, often have physical locations (e.g., New York Stock Exchange) where trading activities are centralized, unlike over-the-counter (OTC) markets, which operate without a centralized physical location and consist of a network of dealers.

Exchange Market or Auction Market Is a Secondary Market That