B)the certainty about the future price of the security and the expected time it will take the dealerto unwind a position and its uncertainty.C)the risk of trading with someone who has inferior information and the expected time it willtake the dealer to unwind a position and its uncertainty.D)the uncertainty about the future price of the security and the expected time it will take thedealer to unwind a position and its uncertainty.Answer:D22)22)In ________, investors can obtain transaction services as cheaply as possible, given the costsassociated with furnishing those services.23)23)In its "Big Bang" of 1986, the London Stock Exchange ________.24)24)Effective August 24, 2000, the minimum spread was reduced to ________ ("decimals"), with tradeson all stocks in decimals beginning on August 9, 2001.5
25)25)________ refers to a market where prices at all times fully reflect all available information that isrelevant to the valuation of securities.A)Operational efficiencyB)Pricing efficiencyC)Internal inefficiencyD)External efficiencyAnswer:B26)26)Which of the below statements is TRUE?27)27)Because the bond business has been ________ rather than ________ business, the capital of themarket makers is critical.28)28)There are several related reasons for the transition to the electronic trading of bonds. Which of thebelow reasons is NOT one of these?
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