Which of the following is a primary market transaction?

a. IBM issues 2,000,000 shares of new stock and sells them to the public through an investment banker.

b. You buy 200 shares of IBM stock from your brother. The trade is not made through a broker; you just give him cash and he gives you the stock.

c. One financial institution buys 200,000 shares of IBM stock from another institution. An investment banker arranges the transaction.

d. You sell 200 shares of IBM stock on the NYSE through your broker.

e. IBM sells 2,000,000 shares of treasury stock to its employees when they exercise options that were granted in prior years.