as they provide market stability and consumer protection. Banks include: Public banks Commercial banks Central banks Cooperative banks State-managed cooperative banks State-managed land development banks Non-bank financial institutions Non-bank financial institutions facilitate financial services like investment, risk pooling, and market brokering. They generally do not have full banking licenses. Non-bank financial institutions include: Finance and loan companies Insurance companies Mutual funds Financial markets Financial markets are markets in which securities, commodities, and fungible items are traded at prices representing supply and demand. The term "market" typically means the institution of aggregate exchanges of possible buyers and sellers of such items. Primary markets The primary market (or initial market) generally refers to new issues of stocks, bonds, or other financial instruments. The primary market is divided in two segment, the money market and the capital market. Secondary markets The secondary market refers to transactions in financial instruments that were previously issued. Financial instruments Financial instruments are tradable financial assets of any kind. They include money, evidence of ownership interest in an entity, and contracts. Derivative instruments A derivative instrument is a contract that derives its value from one or more underlying entities (including an asset, index, or interest rate). Financial services Financial services are offered by a large number of businesses that encompass the finance industry. These include credit unions, banks, credit card companies, insurance companies, stock brokerages, and investment funds. See also Global financial system Financial services Financial market Circular flow of income References Banking