secondary mkts test.docx

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

commodity’s 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: bid—ask 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 short-

run 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.

• bid—ask 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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secondary mkts test.docx