2) The U.S. secondary market for stocks is O Highly concentrated Fragmented A single exchange that executes all public trades An agency of the Federal Government 3) Subscription rights in the securities market are Long-term rights to buy shares at a fixed price given to employees as rewards for good service Short-term rights to buy shares at a fixed price given to existing shareholders Used to reward new investors who purchase shares in the offering Used to reward management for achieving corporate goals of growth and profitability