- CFA Exams
- CFA Level I Exam
- Study Session 12. Equity Investments (1)
- Reading 36. Market Organization and Structure
- Subject 7. Secondary Security Market and Contract Market Structures
CFA Practice Question
A well-functioning secondary market has all of the following characteristics EXCEPT ______
A. providing liquidity.
B. being located in a central physical location.
C. providing price continuity and low transaction costs.
Explanation: A market does not have to be a physical market to be described as well-functioning.
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