Scenario $10\mathrm{.}2.$

Velma is an accredited investor who works for an investment bank. She does a lot of research and due diligence on companies that want to sell stock but that are not prepared to file a registration statement with the SEC.

Refer to Scenario $10\mathrm{.}2.$ When Velma identifies a company that she believes has strong potential for growth, she'll attempt to broker a deal to purchase shares from that company. Because she is purchasing unlisted stocks, she is working through a$($n$)$

electronic communications network $($ECN$)$

over$-$the$-$counter $($OTC$)$ market

primary securities market

secondary securities market