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Market
www.secondmarket.com
Auction-rate securities are long-term securities issued by closed end funds, student loan lenders, and municipalities. They were originally sold as liquid, short-term investments until the traditional secondary market began failing in February 2008. SecondMarket has emerged as the secondary market for the remaining $200 billion in ARS, enabling sellers to achieve liquidity while providing buyers the opportunity to invest in solid long-term instruments that provide superior yields.