Which one of the following statements iscorrect?

a.Only institutions, and not individuals, can participate in derivatives market transactions.b.If Apple issues additional shares of common stock through an investment banker, this would be a secondary market transaction.c.As they are generally defined, money market transactions involve debt securities with maturities of less than one year.d.If you purchased 100 shares of Apple stock from your sister-in-law, this would be an example of a primary market transaction.e.The IPO market is a subset of the secondary market.