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