Which ONE of the following statements is NOT true?

a.

If a stock market displays a strong form of efficiency, share prices reflect all information, whether publicly available or not.

b.

The bond markets deal in short-term debt issued by borrowers including corporations and governments.

c.

The secondary markets in financial securities provide investors with liquidity.

d.

Under the weak form hypothesis of market efficiency, share prices reflect all available information about past changes in the share price.