10. Select the most correct answer:

The definition of a 'market participant', requires that the market participant must be:

Option 1 - able to enter into the transaction and willing to enter into the transaction.

Option 2 - independent of other participants in the market.

Option 3 - independent of other participants in the market, having a reasonable understanding about the asset or liability, able and willing to enter into the transaction.

Option 4 - independent of other participants in the market and having a reasonable understanding about the asset or liability.

Option 5 - having a reasonable understanding about the asset or liability.