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HMRC internal manual

Stamp Taxes on Shares Manual

Companies and shareholders: introduction: trading shares in the secondary market

After they have been issued, shares may be traded between investors. This is known as the secondary market.

Trading may take place on an organised stock exchange or trading platform and subject to the rules and procedures of that exchange (‘on-exchange’), or between investors directly (‘Over The Counter’ (OTC), or ‘off-exchange’).

There are two main types of market operated by stock exchanges, order-driven and quote-driven. For more details see STSM122010.