The document provides an overview of financial markets and institutions. It defines key terms like financial market, security, and the two main types of markets - exchanges and over-the-counter. It also describes the main types of financial institutions like commercial banks, investment banks, and universal banks. Commercial banks' main activities are taking deposits and lending, while investment banks focus on underwriting new issues and secondary market activities. Many large financial institutions today are universal banks that engage in both commercial and investment banking activities.