The most active secondary market, and the most important one to financial managers, is the stock market where the prices of firms' stocks are established. There are a number of different stock markets; however, the two leaders are the New York Stock Exchange, which is a$($n$)$

$-$Select$-$

exchange, and the NASDAQ, which is a$($n$)$

$-$Select$-$

market. The New York Stock Exchange is a tangible entity that conducts auction markets in listed securities$.$