formulate a discussion response to my classmate from her post: Evolution of securities markets and its role in capital allocation Securities market are financial markets whereby individuals and organizations buy and sell securities, including stocks, bonds, and derivatives. These markets may be equity or debt securities. In equity securities, an investor buys equity securities which allows him to be a shareholder of a company and may receive dividends. An investor in this set up may profit from capital gains when the investor sells the securities. In debt securities, an investor purchases debt securities and in essence is lending money to the issuer, in exchange for regular interest payments. The New York Stock Exchange (NYSE) is an example of a financial market. The National Association of Securities Dealers Automated Quotations (NASDAQ) is a global electronic marketplace for buying and selling securities, that was introduced as an electronic exchange platform as a way to automate the market for securities not listed on an exchange. However, it is now the leading and standard for markets worldwide with over 5,000 companies that trade on the exchange. This model disrupted traditional markets by expanding access and reinforcing more visible and efficient transactions. Dark pools and capital market efficiency A dark pool is a financial exchange that is privately organized to trade financial securities with significantly less regulation. This type of trading may be beneficia