Which of the following indicates an efficient securities market in the semi$-$strong form?

Question $9$ options:

The prices of securities traded on that market at all times reflect substantially all the information that is publicly known about those securities$.$

The prices of securities traded on that market at all times reflect all information that is publicly and privately known about those securities$.$

The prices of securities traded on that market at most times reflect most information that is publicly known about those securities$.$

The prices of securities traded on that market at all times reflect all information that is publicly known about those securities$.$