Which of the following is not one of the eight basic facts about financial structure?

1. The financial system is among the most heavily regulated sectors of the economy.

2. Issuing marketable securities is the primary way businesses finance their operations.

3. Indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance in which businesses raise funds directly from lenders in financial markets.

4. Financial intermediaries is the most important source of external funds to finance businesses.