Which party does the sell side primarily represent?

The sell side primarily represents financial institutions that sell securities. This side of the market includes firms such as investment banks, broker-dealers, and other entities that facilitate the issuance and trading of financial instruments. Their main role is to assist clients in raising capital, underwriting securities, and providing market liquidity.

Sell-side institutions typically engage in research and provide recommendations to clients, who might be on the buy side, such as funds and asset managers. They also play an integral role in the pricing and trading of securities, working to match buyers and sellers in the marketplace. Therefore, recognizing the sell side's focus on facilitating transactions and service provision to financial institutions that offer securities is key to understanding their role in the financial landscape.