21. Consider a UE index fund dial trades on a 12.S. exchange, This fund is indexed un a British stock audey based on several socks that truly on the London stock exchange, The different time zones of the U.K. and the U.N. markets result in four distinct time perbach in a 24 hour period: (a) a 6-hour time period prior to the U.K. open, when the market in London is open but the market in the United States is not (b) a 2-houn period between 9:40 A.M. and 11:30 A.M In New York, when both London and New York markets are open: (c) a 4.5-hour time period behveen 11:30 A.M and 4:00 PM. In New