The drawback is, there is no secondary market.

缺点是，没有二级市场。

And imagine the secondary market sellers were insiders.

设想二级市场卖家是内部人士会怎样？

The existence of a secondary market spreads risk further.

二级市场的存在可以更进一步的分散风险。

The scheme could help stimulate the secondary market.

该计划可以刺激二手市场。

Two developments could help Mr Hirst’s secondary market.

两项行动可以帮助赫斯特先生作品的二手市场。

It is not easy for a firm to play both the primary and the secondary market.

在一二级市场上同时如鱼得水，对于一家公司并不是易事。

In fact, it's almost as if an entire secondary market is forming around JUnit.

事实上，几乎整个二级市场似乎都是用围绕Junit建立的。

Second, the option of buying bonds on the secondary market must be reconsidered.

其次，应该重新考虑在二级市场上购买债券的选项。

Collectors who buy most of their art on the secondary market are different beasts.

钟情于二级市场的收藏家则是另一种风格。

The secondary market, however, is prone to worries about liquidity and bouts of panic.

对流动性的担心和一波接一波的恐慌在二级市场司空见惯。

The secondary market is inactive, he says, because sellers set the price too high.

二手房市场不够活跃，他表示，这是因为卖家的报价过高。

It can always sell the bonds directly into the secondary market, and regularly does so.

通常借债国可直接在二级市场出售国债，他们也经常这么做。

Secondary market buying is about tactics, not support or lack thereof for a company or industry.

二级市场买入讲的是战术，而不是支持或不支持一家公司和一个行业。

"The secondary market in credit stopped," said Don Galante, senior vice President at MF Global.

MF Global高级副总裁加兰特(Don Galante)说：“二级市场信贷停止了！”

Companies such as Hedgebay Trading have developed a secondary market for hedge-fund shares.

类似于Hedgebay Trading这样的公司已经在为对冲基金股份拓展二期市场了。

Securites become a kind of currency, traded in the so called “secondary market” at fluctuating price.

证券变成一种货币，在所谓的“第二市场”以波动价格予以交易。

But once the mainland offering takes place, price movements become random: the secondary market is not a good buy.

但是随着股票在中国国内上市，股价波动就不同了：二级市场不是好股票市场。

Imagine one of the heavily-traded companies goes public at 30% lower than where it traded on the secondary market.

设想如果一家二级市场交易活跃的公司IPO价格比二级市场交易价低30%，会怎样？

The secondary market, by contrast, involves the resale of art objects, either through private dealers or auction houses.

而相比之下，二级市场则涉及到通过私人交易商或拍卖行渠道对艺术品的转售倒卖。

By some estimates 5% of fine wines sold at auction or on the secondary market are not what they claim to be on the label.

据估计，拍卖会或二级市场出售的美酒有5%货不对板。

People tend to buy and hold here, so there isn't as much secondary market trading as perhaps the market makers would like.

人们倾向于增购和增持，所以二级市场的交易量并没有做市商所预计的那么多。

Over time, those items can command a premium in the secondary market, where members trade their goods for virtual currency.

一段时间后，这些物品逐渐在二级市场走俏，玩家们在那儿换虚拟货币。

"Their new bonds are well subscribed and transactions in the secondary market are active, while liquidity is ample," it said.

“它们新债券的认购情况良好，次级市场上的交易也很活跃，流通性很充分。”网站上这样说。