Which of the following statements regarding co-location is true? 1. Co-location is widely used by uninformed traders II. Fund managers believe co-location provides an unfair advantage to those that can pay for those services III. Stock exchanges earn a substantial profit by offering co-location services IV. Latency arbitrage is virtually impossible to execute without utilizing co-location services. O II and IV only OIV only O II, III, and IV only All. III and IV