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Answer (A) is correct . The primary market is the market for new stocks and bonds. In this market, wherein investment money flows directly to the issuer, securities are initially sold by investment bankers who purchase them from issuers and sell them through an underwriting group. Later transactions occur on securities exchanges or other markets.

Answer (B) is incorrect because Existing securities are traded on a secondary market (e.g., securities exchanges).
Answer (C) is incorrect because The futures market is where commodities contracts are sold, not the capital market.
Answer (D) is incorrect because Exchanges of existing securities do not occur in the primary market.