21 Which of the following is NOT correct?

Select one:

a. A negotiable CD is an example of a derivative instrument

b. Dealers are agents who buy and sell financial assets on their own accounts

c. Liability management is when banks actively manage their sources of funds to be able to make future loans

d. When funds are raised in the primary markets using direct finance, the borrower of funds issues a financial instrument to the investor

e. When an individual is given a mortgage by a bank this is a primary market transaction