Which of these defines a secondary market?

I: A secondary market is a market where previously issued securities are traded.

II: The secondary market involves the resale of a stock by a shareholder.

III: The secondary market refers to all security transactions that involve individual investors.

IV: A secondary market is a market in which the seller is also the issuer.

Multiple Choice

• III and IV

• I, II and IIIIncorrect

• All of the above

• I and IICorrect

Please provide an explanation as to why I and II are the correct answers and not I, II, and III.