This article is discussing primary markets in the capital markets cycle. Primary markets refer to the initial stage where securities, such as stocks or bonds, are created and issued for the first time, for example during an initial public offering (IPO) or when issuing equity. The article mentions that globally, a large amount of money flows through primary markets, with over $7 trillion worth of newly created bonds sold last year. However, it also notes that issuing securities can be a complex process that involves many different players such as licensed issuers, whitelisted investors, legal departments, and the Securities and Exchange Commission (SEC) in the US.
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