III. Stock and bond markets

$12.$ Brokers route most retail market orders to: $($a$)$ dealers; $($b$)$ exchanges; $($c$)$ ATS; $($d$)$ none of the above;

$13.$ High frequency traders: $($a$)$ are not regulated by the SEC; $($b$)$ require little capital investment; $($c$)$ need to be co$-$located; $($d$)$ must be based outside the U$.$S$.$;

$14.$ Exchange traded funds: $($a$)$ provide intra$-$daily liquidity; $($b$)$ have higher fees than mutual funds; $($c$)$ require no commissions; $($d$)$ have no bid$-$ask spread;