other trading venues. Question 13 1.5 pts All of the following conditions must occur for a market to be considered efficient except O Information is costless and widely available to market participants at approximately the same time. O There are a large number of rational, profit maximizing investors who actively participate in the market. O Information is generated in a specific fashion such that announcements are basically dependent of each other. Investors react "quickly and fully to the new information, causing stock prices to adjust accordingly Question 14 1.5 pts Based on the below 3 quotes, examine if any arbitrage gains are possible. If "yes', what is the cross-currency arbitrage opportunity for USD 1 million? USD/UK pound = 0.5591 (i.e. 1 USD = 0.5591 UK pound) 115 W