Q. Investment industry participants have been able to reduce operating costs over the years because of:

1. regulation.
2. globalisation.
3. computerisation.

Q. A trading venue that functions like an exchange but does not exercise regulatory authority over its subscribers is known as:

1. a primary market.
2. a private placement.
3. an alternative trading system.

Q. All else being equal, as investors' time horizon increases, their risk tolerance will:

1. decrease.
2. be unchanged.
3. increase.

Q. If an investor exercises warrants, the number of shares outstanding of the issuing company most likely:

1. decreases.
2. remains the same.
3. increases.