2. The most important distinction between the primary market and the secondary market is the following: a) The primary market is the market where securities owned by insiders are traded, while the securities owned by outsiders are traded in the secondary market. b) The primary market is the market for stocks only, while secondary market is where other types of securities are traded. C) The primary market is for organized exchanges, while the secondary market is for NASDAQ. d) The primary market is the market for new securities (including IPOs), and the secondary market is where outstanding securities are traded