A small investor from New Brunswick has just purchased 100 common shares of a telecommunications firm on the Toronto Stock Exchange. This is the first time the investor has purchased this stock. This transaction is an example of
a. A primary market transaction because it is the first time the investor has bought the stock.
b. A primary market transaction because the money the investor has invested will go directly to the firm.
c. A secondary market transaction because the investor has bought the stock from other investors.
d. None of the above; this is a large block trade and will be done using the OTC market (the "third market").