Which of the following statements is CORRECT?

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

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

Capital market instruments include both long-term debt and common stocks.

If your uncle in New York sold 100 shares of Microsoft through his broker to an investor in Los Angeles, this would be a primary market transaction.

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

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