Describe the process of order execution in the secondary market. Also, explain the different types of order execution that are prevalent in the present-day Stock Markets.

In the secondary market, order execution refers to the process through which an investor's trade request is carried out, involving the buying or selling of financial instruments like stocks, bonds, or derivatives. This process is central to the functioning of equity markets, as it determines how quickly and efficiently a trade is executed based on an investor’s order. The order execution process is influenced by several factors, including the type of market (exchange or over-the-counter), the order type, liquidity of the asset, and prevailing market conditions.

The execution process begins when an investor places an order to buy or sell a security. The order can be placed through a broker, who acts as an intermediary between the investor and the market. The broker sends the order to the exchange or platform, where the security is traded. This is where the actual matching of buy and sell orders occurs. A key aspect of this process is the price discovery mechanism, which determines the price at which the transaction will occur based on supply and demand.

Once the order reaches the exchange, it is either matched with an opposite order (buy with sell) or added to the order book if a matching counterparty is not immediately _______ __________ ______ _____ ________.
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