Secondary Mkts Test

Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones) Chapter 14 Secondary
Markets
Multiple Choice Questions
1 Function of Secondary Markets
1) The key distinction between a primary market and a secondary market is that, in the secondary market,
________.
A) funds flow from the seller of the asset to the buyer.
B) the issuer of the asset receives funds from the buyer.
C) funds flow from the buyer of the asset to the seller.
D) the existing issue changes hands in the primary market.
Answer: C
Comment: The key distinction between a primary market and a secondary market is that, in the secondary
market, the issuer of the asset does not receive funds from the buyer. Rather, the existing issue changes hands in the
secondary market, and funds flow from the buyer of the asset to the seller.
Diff: 2
Topic: 14.1 Function of Secondary Markets
Objective: 14.1 the definition of a secondary market
2) Without a secondary market, issuers would be unable to ________, or they would have to pay a higher rate
of return, as investors would ________ in compensation for expected illiquidity in the securities.
A) sell new securities; increase the discount rate
B) sell new securities; decrease the discount rate
C) buy new securities; decrease the price
D) sell new securities; increase the price
Answer: A
Diff: 2
Objective: 14.12 the implications of pricing efficiency for market participants
1
3) Investors in financial assets receive ________.
A) illiquidity for their assets.
B) information about the assets' fair or consensus values.
C) increased the costs of searching for likely buyers and sellers of assets.
D) the disadvantage of higher transaction costs.
Answer: B
Comment: Investors in financial assets receive several benefits from a secondary market. Such a market
obviously offers them liquidity for their assets as well as information about the assets fair or consensus values.
Furthermore, secondary markets bring together many interested parties and thereby reduce the costs of searching for
likely buyers and sellers of assets. Moreover, by accommodating many trades, secondary markets keep the cost of
transactions low. By keeping the costs of both searching and transacting low, secondary markets encourage investors
to purchase financial assets.
Diff: 2
2 Trading Locations
1) One indication of the usefulness of secondary markets is that they exist throughout ________.
A) the United States.
B) Europe and Asia.
C) each state.
D) the world.
Answer: D
Diff: 1
Topic: 14.2 Trading Locations
Objective: 14.2 the need for secondary markets for financial assets
2) In the United States, secondary trading of common stock occurs ________.
A) in a number of trading locations.
B) in Dallas, Texas.
C) in each major city.
D) None of these
Answer: A
Diff: 1
2
3) Which of the below statements is TRUE?
A) In the United States, secondary shares are traded on major national stock exchanges (the largest of which is
the American Stock Exchange) and regional stock exchanges.
B) In the United States, significant trading in stock takes place on the so-called over-the-counter or OTC
market, which involves specific geographical locations.
C) In the United States, the dominant OTC market for stocks in the United States is the New York Stock
Exchange.
D) In the United States, some bonds are traded on exchanges, but most trading in bonds in the United States
and throughout the world occurs in the OTC market.
Answer: D
Comment: In the United States, secondary trading of common stock occurs in a number of trading locations.
Many shares are traded on major national stock exchanges (the largest of which is the New York Stock Exchange)
and regional stock exchanges, which are organized and somewhat regulated markets in specific geographical
locations. Additional significant trading in stock takes place on the so-called over-the-counter or OTC market, which is
a geographically dispersed group of traders linked to one another via telecommunication
systems. The dominant OTC market for stocks in the United States is Nasdaq. Some bonds are traded on
exchanges, but most trading in bonds in the United States and throughout the world occurs in the OTC market.
Diff: 2
3 Market Structures
1) In a continuous market, prices may vary ________.
A) because of the basic situation of supply and demand.
B) are determined discontinuously throughout the trading day.
C) are determined continuously throughout the trading day even if buyers and sellers are not submitting orders.
D) with the pattern of orders reaching the market.
Answer: D
Comment: Many secondary markets are continuous, which means that prices are determined continuously
throughout the trading day as buyers and sellers submit orders. For example, given the order flow at 10:00 A.M., the
market clearing price of a stock on some organized stock exchange may be $70; at 11:00 A.M. of the same trading
day, the market-clearing price of the same stock, but with different order flows, may be $70.75. Thus, in a continuous
market, prices may vary with the pattern of orders reaching the market and not because of any change in the basic
situation of supply and demand.
Diff: 2
Topic: 14.3 Market Structures
Objective: 14.3 the difference between a continuous and a call market

3
2) ________, orders are grouped together for simultaneous execution at the same price.
A) In a bull market
B) In an efficient market
C) In a call market
D) In a bear market
Answer: C
Diff: 2
3) Which of the below statements is FALSE?
A) In a call market, a market maker holds an auction for a stock at certain times in the trading day (or possibly
more than once in a day).
B) Many secondary markets are continuous, which means that prices are determined
continuously throughout the trading day as buyers and sellers submit orders.
C) In a call market, a market maker holds an auction for a stock at the same time each day.
D) An auction in a call market may be oral or written.
Answer: C
Comment: In a call market, a market maker holds an auction for a stock at certain times in the trading day (or
possibly more than once in a day).
Diff: 2

4 Perfect Markets
1) Perfect market results when ________.
A) the number of buyers and sellers is sufficiently small, and all participants are small enough relative to the
market so that no individual market agent can influence the commodity's price.
B) the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the
market so that all individual market agent can influence the commodity's price.
C) the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the
market so that no individual market agent can influence the commodity's price.
D) the number of buyers and sellers is sufficiently small, and all participants are small enough relative to the
market so that all individual market agent can influence the commodity's price. Answer: C
Comment: In general, a perfect market results when the number of buyers and sellers is sufficiently large, and
all participants are small enough relative to the market so that no individual market agent can influence the
commoditys price.
Diff: 2
Topic: 14.4 Perfect Markets
Objective: 14.4 the requirements of a perfect market
4
2) A perfect market results when all buyers and sellers are ________, and the market price is determined
where there is ________.
A) price-takers; equality of supply and demand.
B) price-makers; equality of supply and demand.
C) price-takers; inequality of supply and demand.
D) price-makers; inequality of supply and demand.
Answer: A
Diff: 2
3) A market is not perfect only because market agents are price takers but is also free of transactions costs and
any impediment to the interaction of supply and demand for the
commodity. Economists refer to these various costs and impediments as frictions. Frictions include ________.
A) bid-ask spreads charged by dealers and order handling and clearance charges.
B) taxes (but not on capital gains) and government-imposed transfer fees.
C) costs of acquiring information about the financial asset and restrictions on market takers.
D) financial liability that a buyer or seller may take and taxes on capital gains.
Answer: A
Comment: A market is not perfect only because market agents are price takers. A perfect market is also free of
transactions costs and any impediment to the interaction of supply and
demand for the commodity. Economists refer to these various costs and impediments as frictions. The costs
associated with frictions generally result in buyers paying more than in the absence of frictions and/or in sellers
receiving less commissions charged by brokers. Frictions include: bidask spreads charged by dealers.
order handling and clearance charges.
taxes (notably on capital gains) and government-imposed transfer fees.
costs of acquiring information about the financial asset.
trading restrictions, such as exchange-imposed restrictions on the size of a position in the financial asset that a
buyer or seller may take.
restrictions on market makers.
halts to trading that may be imposed by regulators where the financial asset is traded. Diff: 2

5
4) This practice of selling securities that are not owned at the time of sale is referred to as ________.
A) buying short.
B) selling short.
C) selling long.
D) buying and selling simultaneously.
Answer: B
Diff: 2
5) In the absence of an effective short-selling mechanism, security prices will tend to be biased toward the
________, causing a market to depart from the standards of a perfect price-setting situation.
A) view of more pessimistic investors
B) view of the market maker
C) view of more optimistic investors
D) view of the market taker
Answer: C
Diff: 2
5 Role of Brokers and Dealers in Real markets
1) ________ are necessary to the smooth functioning of a secondary market.

A) Inexperienced investors
B) Initial public offerings
C) Investment bankers
D) Brokers and dealers
Answer: D
Diff: 2
Topic: 14.5 Role of Brokers and Dealers in Real Markets
Objective: 14.6 why brokers are necessary
2) Investors need brokers to help ________.
A) execute their orders.
B) find other parties wishing to sell or buy.
C) negotiate for good prices.
D) All of these
Answer: D
Comment: Investors need brokers to receive and keep track of their orders for buying or selling, to find other
parties wishing to sell or buy, to negotiate for good prices, to serve as a focal point for trading, and to execute the
orders.
Diff: 1
6
3) Which of the following statements is FALSE?
A) It is important to realize that the brokerage activity requires the broker to buy and sell or hold in inventory the
financial asset that is the subject of the trade.
B) A broker is an entity that acts on behalf of an investor who wishes to execute orders. In economic and legal
terms, a broker is said to be an agent of the investor.
C) The broker receives, transmits, and executes investors' orders with other investors.
D) Services provided by brokers include research, recordkeeping, and advising.
Answer: A
Comment: It is important to realize that the brokerage activity does not require the broker to buy and sell or hold
in inventory the financial asset that is the subject of the trade.
Diff: 2
4) Which of the following statements is FALSE?
A) A real market might also differ from the perfect market because of the possibly frequent event of a temporary
imbalance in the number of buy and sell orders that investors may place for any security at any one time.
B) An unmatched or unbalanced flow of buy and sell orders causes a problem in that the
security's price may change abruptly, even if there has been no shift in either supply or demand for the security.
C) The fact of imbalances in buy and sell orders cannot explain the need for the dealer or market maker, who
stands ready and willing to buy a financial asset for its own account (to add to an inventory of the financial asset) or
sell from its own account (to reduce the inventory of the financial asset).
D) An unmatched or unbalanced flow of buy and sell orders causes a problem in that buyers may have to pay
higher than market-clearing prices (or sellers accept lower ones) if they want to make their trade immediately.
Answer: C
Comment: The fact of imbalances in buy and sell orders explains the need for the dealer or market maker, who
stands ready and willing to buy a financial asset for its own account (to add to an inventory of the financial asset) or
sell from its own account (to reduce the inventory of the financial asset).
Diff: 3
Objective: 14.7 the role of a dealer as a market maker and the costs associated with market making
7
5) The ________ can be viewed as the price charged by dealers for supplying immediacy together with shortrun price stability (continuity or smoothness) in the presence of short-term order imbalances.
A) bid-ask fee
B) bid-ask price
C) bid-ask spread
D) bid-ask imbalance
Answer: C
Diff: 1
6) By taking the opposite side of a trade when there are no other orders, the dealer prevents the price from
________ from the price at which a recent trade was consummated.
A) materially converging
B) materially diverging
C) immaterially concurring
D) immaterially diverging
Answer: B
Diff: 1
8
7) Dealers also have to be compensated for bearing risk. A dealer's position may involve
carrying inventory of a security (a long position) or selling a security that is not in inventory (a short position).
There are three types of risks associated with maintaining a long or short position in a given security. Two of these
include ________.
A) the risk of trading with someone who has inferior information and the expected time it will take the dealer to
unwind a position and its uncertainty.
B) the uncertainty about the future price of the security and the expected time it will take the dealer to unwind a
position and its uncertainty.
C) the risk of trading with someone who has inferior information and the uncertainty about the future price of the
security.
D) the certainty about the future price of the security and the expected time it will take the dealer to unwind a
position and its uncertainty.
Answer: B
Comment: First, there is the uncertainty about the future price of the security. A dealer who has a net long
position in the security is concerned that the price will decline in the future; a dealer who is in a net short position is
concerned that the price will rise. The second type of risk has to do with the expected time it will take the dealer to
unwind a position and its uncertainty. And this, in turn, depends primarily on the thickness of the market for the
security. Finally, while a dealer may have access to better information about order flows than the general public, there
are some trades where the dealer takes the risk of trading with someone who has better information. This results in
the better-informed trader obtaining a better price at the expense of the dealer. Consequently, a dealer in establishing
the bid-ask spread for a trade will assess whether or not the trader might have better information.
Diff: 2
6 Market Efficiency
1) In ________, investors can obtain transaction services as cheaply as possible, given the costs associated
with furnishing those services.
A) an internally inefficient market
B) an externally efficient market
C) a pricing efficient market
D) an operationally efficient market
Answer: D
Diff: 2
Topic: 14.6 Market Efficiency
Objective: 14.8 what is meant by the operational efficiency of a market
9
2) In its "Big Bang" of 1986, the London Stock Exchange ________.
A) abolished fixed brokerage commissions.
B) abolished competitive brokerage commissions.
C) adopted fixed brokerage commissions.
D) shot down all types of brokerage commissions.
Answer: A
Diff: 2
3) Effective August 24, 2000, the minimum spread was reduced to ________ ("decimals"), with trades on all
stocks in decimals beginning on August 9, 2001.
A) one-eighth
B) one-sixteenth
C) one cent
D) two cents
Answer: C
Diff: 2
4) ________ refers to a market where prices at all times fully reflect all available information that is relevant to
the valuation of securities.
A) Internal inefficiency
B) External efficiency
C) Operational efficiency
D) Pricing efficiency
Answer: D
Diff: 2
Objective: 14.9 what is meant by the pricing efficiency of a market
10
5) Which of the below statements is TRUE?
A) In a passive strategy, investors seek to capitalize on what they perceive to be the mispricing of a security or
securities.
B) In a market that is price efficient, active strategies will not consistently generate a return after ignoring
transactions costs and the risks associated with a strategy of frequent trading.
C) In a market which seems to be price efficient, one investment strategy is simply to buy and hold a broad
cross section of securities in the market
D) Matching in an investment strategy that has the goal of matching the performance of some financial index
from the market.
Answer: C
Comment: A price efficient market has implications for the investment strategy that investors may wish to
pursue. In an active strategy, investors seek to capitalize on what they perceive to be the mispricing of a security or
securities. In a market that is price efficient, active strategies will not consistently generate a return after taking into
consideration transactions costs and the risks associated with a strategy of frequent trading. The other strategy, in a
market which seems to be price efficient, is simply to buy and hold a broad cross section of securities in the market.
Some investors pursue this strategy through indexing, which is a policy that has the goal of matching the
performance of some financial index from the market.
Diff: 2
Objective: 14.10 the implications of pricing efficiency
7 Electronic Trading
1) Because the bond business has been ________ rather than ________ business, the capital of the market
makers is critical.
A) a financial; an accounting
B) an accounting; a financial
C) an agency; a principal
D) a principal; an agency
Answer: D
Diff: 2
Topic: 14.7 Electronic Trading
Objective: 14.5 frictions that cause actual financial markets to differ from a perfect market
11
2) There are several related reasons for the transition to the electronic trading of bonds. Which of the below
reasons is NOT one of these?
A) The profitability of bond market making has declined since many of the products have become less
commodity-like.
B) The increase in the volatility of bond markets has increased the capital required of bond broker-dealers.
C) Making markets in bonds has become more risky for the market makers because the size of the orders has
increased tremendously.
D) The profitability of bond market making has declined and their bid-offer spreads have decreased.
Answer: A
Comment: The profitability of bond market making has declined since many of the products have become more
commodity-like and their bid-offer spreads have decreased.
Diff: 2
3) The same Wall Street firms that have been the major market makers in bonds have also been the ________
of electronic trading in bonds.
A) cynics
B) attackers
C) supporters
D) detractors
Answer: C
Diff: 2
4) There are a variety of types of electronic trading systems for bonds. The two major types of electronic trading
systems are ________.
A) the customer-to-dealer systems and the exchange systems.
B) the dealer-to-customer systems and the leverage systems.
C) the broker-to-dealer systems and the exchange systems.
D) the dealer-to-customer systems and the exchange systems.
Answer: D
Diff: 2
12
Copyright 2010 Pearson Education Inc. Publishing as Prentice Hall
5) Which of the below statement is FALSE?
A) The multi-customer system simply computerizes the traditional customer-dealer market making mechanism.
B) Single-dealer systems are based on a customer dealing with a single, identified dealer over the computer.
C) Dealer-to-customer systems can be a single-dealer system or multiple-dealer system.
D) Multi-dealer systems provide some advancement over the single- dealer method since a
customer can select from any of several identified dealers whose bids and offers are provided on a computer
screen.
Answer: A
Comment: The single-dealer system simply computerizes the traditional customer-dealer market making
mechanism.
Diff: 2
6) Among the overall advantages of electronic trading are ________.
A) providing liquidity to the government.
B) price discovery (particularly for less liquid markets).
C) utilization of old technologies.
D) trading and portfolio management inefficiencies.
Answer: B
Comment: Among the overall advantages of electronic trading are (1) providing liquidity to the markets, (2)
price discovery (particularly for less liquid markets), (3) utilization of new technologies, and (4) trading and portfolio
management efficiencies.
Diff: 1
7) Which of the below statement is FALSE?
A) According to the exchange system, dealer and customer bids and offers are entered into the system on an
anonymous basis, and the clearing of the executed trades is done through a common process.
B) Although there is a common clearinghouse for bonds, there is none for common stocks.
C) According to the exchange system, dealer and customer bids and offers are entered into the system on an
anonymous basis, and the clearing of the executed trades is done through a common process.
D) The exchange system is quite different rom the dealer-to-customer systems and has potentially significantly
greater value added.
Answer: B
Comment: Although there is a common clearinghouse for common stocks (Depository Trust Company), there is
none for bonds.
Diff: 2
13
True/False Questions
1) Primary markets help the issuer of securities to track their values and required returns. Answer: FALSE
Comment: Secondary markets help the issuer of securities to track their values and required returns.
Diff: 1
Objective: 14.1 the definition of a secondary market
2) Secondary markets hurt investors by providing liquidity.
Answer: FALSE
Comment: Secondary markets benefit investors by providing liquidity.
Diff: 1
2 Trading Locations
1) In the United States, secondary trading of common shares are traded on major national stock exchanges
and regional stock exchanges, which are organized and somewhat regulated markets in specific geographical
locations.
Answer: TRUE
Diff: 1
Objective: 14.11 the different forms of pricing efficiency
2) The dominant OTC market for stocks in the United States is AMEX.
Answer: FALSE
Comment: The dominant OTC market for stocks in the United States is Nasdaq.
Diff: 1
3 Market Structures
1) Some markets conduct the day's initial trades with a call method and most other trades in a continuous way.
Answer: TRUE
Diff: 1
14
2) In a call market, the auction may be oral but not written.
Answer: FALSE
Comment: In a call market, the auction may be oral or written.
Diff: 1

4 Perfect Markets
1) Suppose that an investor expects that the price her security will decline. She can still benefit should the price
actually decline if she can arrange to sell the security without owning it. Answer: TRUE
Diff: 1
2) A perfect market does not allow the sale of borrowed securities.
Answer: FALSE
Comment: A perfect market must also permit short selling, which is the sale of borrowed securities.
Diff: 1
5 Role of Brokers and Dealers in Real Markets
1) A dealer acts as an auctioneer in all market structures, thereby providing order and fairness in the operations
of the market.
Answer: FALSE
Comment: A dealer acts as an auctioneer in some market structures, thereby providing order and fairness in
the operations of the market.
Diff: 1
15
2) Two roles that dealers play include: providing reliable price information to market participants, and, in certain
market structures, providing the services of an auctioneer in bringing order and fairness to a market.
Answer: TRUE
Comment: Two roles that dealers play include: providing reliable price information to market participants, and,
in certain market structures, providing the services of an auctioneer in bringing order and fairness to a market.
Diff: 1
6 Market Efficiency
1) Pricing efficiency refers to a market where prices at all times fully reflect all available information that is
relevant to the valuation of securities.
Answer: TRUE
Diff: 1
2) Commissions are all of the brokerage costs of transacting.
Answer: FALSE
Comment: Commissions are only part of the cost of transacting; the other part is the dealer spread.
Diff: 1
7 Electronic Trading
1) The combination of the decreased risk and the increased profitability of bond market making has induced the
major market markets to deemphasize this business in the allocation of capital. Answer: FALSE
Comment: The combination of the increased risk and the decreased profitability of bond market making has
induced the major market markets to deemphasize this business in the allocation of capital.
Diff: 1
16
2) Call auctions provide for fixed price auctions (that is, all the transaction or exchanges occur at the same
"fixed" price) at specific times during the day and are appropriate for less liquid bonds such as corporate bonds and
municipal bonds.
Answer: TRUE
Diff: 1
Essay Questions
1) In the secondary market, an issuer of securities (whether it is a corporation or a governmental unit) may
obtain regular information about the value of the asset. Describe the nature of this information and value that a
secondary market offers.
Answer: First, the periodic trading of the asset reveals information to the issuer about the consensus price that
the asset commands in an open market. Thus, firms can discover what
value investors attach to their stocks, and firms or noncorporate issuers can observe the prices of their bonds
and the implied interest rates investors expect and demand from them. Such
information helps issuers assess how well they are using the funds acquired from earlier primary market
activities, and it also indicates how receptive investors would be to new offerings. Second, a secondary market offers
issuers the opportunity for the original buyer of an asset to reverse the investment by selling it for cash. This
opportunity is of great value because, unless investors are confident that they can shift from one financial asset to
another as they may feel necessary, they would naturally be reluctant to buy any financial asset. Such reluctance
would harm potential issuers in one of two ways: Either issuers would be unable to sell new securities at all, or they
would have to pay a higher rate of return, as investors would increase the discount rate in compensation for expected
illiquidity in the securities.
Diff: 3
2 Trading Locations
1) In the United States, secondary trading of common stock occurs in a number of trading locations. Describe
these locations.
Answer: Many shares are traded on major national stock exchanges (the largest of which is the New York Stock
Exchange) and regional stock exchanges, which are organized and somewhat regulated markets in specific
geographical locations. Additional significant trading in stock takes place on the so-called over-the-counter or OTC
market, which is a geographically dispersed group of traders linked to one another via telecommunication systems.
The dominant OTC
market for stocks in the United States is Nasdaq. Some bonds are traded on exchanges, but most trading in
bonds in the United States and throughout the world occurs in the OTC market. Diff: 3
17
3 Market Structures
1) Many secondary markets are continuous, which means that prices are determined
continuously throughout the trading day as buyers and sellers submit orders. Give an example of this.
Answer: For example, given the order flow at 10:00 A.M., the market clearing price of a stock on some
organized stock exchange may be $70; at 11:00 A.M. of the same trading day, the market-clearing price of the same
stock, but with different order flows, may be $70.75. Thus, in a continuous market, prices may vary with the pattern of
orders reaching the market and not because of any change in the basic situation of supply and demand.
Diff: 2

4 Perfect Markets
1) A perfect market is free of transactions costs and any impediment to the interaction of supply and demand for
the commodity. Economists refer to these various costs and impediments as frictions. In regards to financial markets,
describe four of impediments or frictions.
Answer: The costs associated with frictions generally result in buyers paying more than in the absence of
frictions and/or in sellers receiving less. In the case of financial markets, frictions can include any of the eight frictions
described below:
commissions charged by brokers.
bidask spreads charged by dealers.
order handling and clearance charges.
taxes (notably on capital gains) and government-imposed transfer fees.
costs of acquiring information about the financial asset.
trading restrictions, such as exchange-imposed restrictions on the size of a position in the financial asset that
a buyer or seller may take.
restrictions on market makers.
halts to trading that may be imposed by regulators where the financial asset is traded. Diff: 3
18
5 Role of Brokers and Dealers in Real Markets
1) What is a broker and how can a broker act on behalf of an investor.
Answer: A broker is an entity that acts on behalf of an investor who wishes to execute orders. In economic and
legal terms, a broker is said to be an agent of the investor. It is important to realize that the brokerage activity does
not require the broker to buy and sell or hold in inventory the financial asset that is the subject of the trade. Rather,
the broker receives, transmits, and executes investors' orders with other investors. The broker receives an explicit
commission for these services, and the commission is a transactions cost of the securities markets. If the broker also
provides other services, such as research, recordkeeping, or advising, investors may pay additional charges.
Diff: 3
6 Market Efficiency
1) What can investors expect to obtain in an operationally efficient market? Does this efficiency vary throughout
the world?
Answer: In an operationally efficient market, investors can obtain transaction services as
cheaply as possible, given the costs associated with furnishing those services. In national equity markets
throughout the world the degree of operational efficiency varies.
Diff: 2
2) Trace the historical evolution of transaction costs charged by the brokerage industry. Answer: At one time,
brokerage commissions in the United States were fixed, and the
brokerage industry charged high fees and functioned poorly. But that began to change in May 1975, as the
American exchanges adopted a system of competitive and negotiated commissions. Non-U.S. markets have been
moving toward more competitive brokerage fees. France, for
example, adopted a system of negotiated commissions for large trades in 1985. In its "Big Bang" of 1986, the
London Stock Exchange abolished fixed commissions. The Japanese version of the Big Bang began during 1996.
One of its many goals was the liberalization of commissions. Diff: 3
19

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Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones) Chapter 14 Secondary

Objective: 14.3 the difference between a continuous and a call market

Objective: 14.3 the difference between a continuous and a call market

Objective: 14.4 the requirements of a perfect market

1) ________ are necessary to the smooth functioning of a secondary market.

Objective: 14.3 the difference between a continuous and a call market

Topic: 14.3 Market Structures

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