Final answer:
The transaction takes place in the secondary market when one owner/creditor sells to another. The secondary market allows for high liquidity and quick selling of assets without significant penalties for liquidation.
Step-by-step explanation:
The transaction takes place in the secondary market when one owner/creditor sells to another. The secondary market allows the assets to be sold back to the original issuer or to another person or group. It is characterized by high liquidity, meaning the assets can be quickly sold to others without a significant penalty for liquidation.