Where do institutional investor (such as: pension funds and mutual funds) mostly buy their stocks? Which of the following financial assets is least likely to have an active secondary market? Which asset is most likely traded in OTC?

• Primary market; Coins; American Depository Receipts

• Primary market; Bank loans made to smaller firms; Bonds

• Secondary market; Common stock of a large public firm; Mutual funds

• Secondary market; Debt issued by the U.S. Treasury; Government treasury

• Institutional investor market; Bonds of a major, multinational corporation; Publicly traded stocks