Which of the following statements is CORRECT?

a. If you sold 10 shares of Netflix stock through your online brokerage account, then this would be a primary market transaction.

b. The NYSE does not exist as a physical location. Rather it represents a loose collection of dealers who trade stock electronically.

c. Capital market instruments include short-term, highly liquid debt securities.

d. An example of a primary market transaction would be your uncle transferring 100 shares of Walmart stock to you as a birthday gift.

e. While the two frequently perform similar functions, commercial banks generally specialize in lending money, whereas investment banks generally help companies raise large blocks of capital from investors.