In the context of share trading, the market where an issuer initially issues shares to investors, as opposed to the secondary market where investors trade shares among themselves.

In the context of debt securities and other financial instruments, the market where investors buy new securities directly from the issuer or an intermediary as opposed to the secondary market, where investors buy previously issued securities from other investors.

In the context of loans, the market where lenders make loans directly to borrowers as opposed to the secondary market, where lenders trade loans among themselves.