11. Which of the following statements about primary and secondary market is INCORRET? a) Financial claims are issued for the first time on the primary market. b) The secondary market is the place where existing financial securities are traded. c) The London Stock Exchange is a secondary market. d) A trader can speculate on the secondary market. 12. In an efficient market, which of the following is NOT true? a) No one has informational advantage over others. b) Any available information is reflected in asset prices. c) There are no arbitrage opportunities. d) No one has an incentive to collect and process information. 13. Which of the following is a capital market security? a) A certificate of deposit. b) A company’s share. c) Atreasurybill. d) A commercial bill. 14. Which of the following statements about the London Stock Exchange is INCORRECT? a) It used to be membership based but now is publicly owned. b) Its main market is for established companies. c) Most trading occurs on the floor-based system. d) The commission rate was very high before the Big Bang in 1986.