Which of the following is not part of the secondary markets?

The mutual fund market is considered separate from the secondary markets. In the secondary markets, existing securities are bought and sold among investors, while mutual funds primarily function as investment vehicles that pool capital from multiple investors to invest in a diversified portfolio of securities. The transactions that occur within mutual funds do not involve direct purchase and sale of individual securities in the manner typical of secondary market activities.

When investors buy or redeem shares in a mutual fund, they are transacting with the mutual fund company itself, and the prices of those shares are based on the net asset value (NAV) of the fund rather than on market supply and demand for individual securities. This differentiates it from the exchanges, third markets, and over-the-counter markets, where individual securities are traded among investors.

The exchanges, third market, and over-the-counter market all facilitate the trading of existing securities after their initial issuance, which fundamentally defines them as part of the secondary market.