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An internal market operates inside an organizations or set of organizations which have decoupled internal components. Each component trades its services and interfaces with the others. Often a set of government or government-funded set of organizations will operate an internal market. Services provided by an internal market are often but not always available on the open market.
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source: http://en.wikipedia.org/wiki/Internal_market

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external market
Sometimes referred to as the Euromarket, the external market consists of securities that are issued outside the jurisdiction of any single country and are offered to investors in multiple countries simultaneously. They tend to hold greater risks due to non-uniform regulation standards, but offer easy access to investors.
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source: http://www.fxwords.com/e/external-market.html

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