**BUK**RG The capital market is a financial market for medium and long-term capital, used by firms and the state to finance investments and other expenditures. Examples include the market for long-term loans called the bond market and the stock market, the market for equity capital. It is often regarded as a securities market, and the participants are divided into the capital market investors, borrowers and intermediaries. The investors, which are also known as capital providers render capital for investment purposes. The role of intermediaries, also called the facilitators is to ensure the balance between capital supply and demand when they conduct transactions in the cash flows of capital demand to improve information and trade execution. In most developed countries, capital markets are stronger and more dynamic. The weakness of these markets in developing countries hinders the formation of savings and is a serious obstacle to development, forcing them to engage in international capital markets. The capital market is divided into two main segments, the primary and the secondary market. The primary market provides information about the issuer and the investment capital market titles, thus it is particularly important to investors. The secondary market includes the implementation and management of securities transactions. The primary market deals with a range of newly released securities sought after by investors. This market is also called the emissions market, because between these segments, the initial placement of shares and bonds is undertaken during the emission course. The location of the primary market is not localized and is thus one of the OTC markets, as various types of investors in different locations have legal capacity to participate in the market. The secondary market, also referred to as a circulation market incorporates the trading of securities between market participants, and the resale of new securities issued by the original purchaser to new investors. The most popular platforms for the secondary market are the stock exchanges. The contracts are carried out individually between the two parties and their obligations are generally not transferable. And there is financial intermediation, where a commercial bank acts as the intermediary between the borrower and issuer. The short term market can be divided into three main segments: interbank money market, public debt market and the market for corporate debt. The interbank money market (which also covers the inter-bank bond market) is an important segment of the money market, built exclusively by banks, including the issuing bank. It is a market for large volume of daily transactions and high liquidity.