issue market; primary market
Financial term for the market where new securities are issued and sold to investors, as opposed to the secondary market where existing securities are traded.
New shares are sold to investors on the primary market.
流通市場 is the secondary market where existing securities are traded, while 発行市場 is the primary market for new issues.
Compound of 発行 (はっこう, 'issue') and 市場 (しじょう, 'market').