12.Which of the following is NOT correct? Select one:

a. The liquidity of shares relates to the ease of selling them on the stock exchange at or near the current market price.

b. All debt securities pay periodic interests.

c. A broker makes a market in a security by quoting bid and ask prices.

d. Ordinary shares have no maturity date whereas debt instruments generally have a fixed period of investment.

e. The majority of assets of insurance companies are contracts that specify the payouts to the contract holder if a specified event occurs.