1. Which of the following statements about stock markets is not true? I. Many of the stock markets are organized as private bourses. II. On most markets, stocks are traded on a cash basis, and transactions are settled within a two-to five-day period. III. The central electronic limit order book is the hub of those automated markets that are price-driven. IV. An auction market, such as the Paris Bourse, is also known as an order-driven market