Jessica needs liquidity, so when she trades securities she likes to participate in a transparent market. Stephan is not as concerned with liquidity and he is less concerned about transparency. Which markets should Jessica and Stephan participate in?

• A : Jessica should participate in the primary bond market, and Stephan should participate in the government bond market.

• B : Jessica should participate in the corporate stock market, and Stephan should participate in the secondary bond market.

• C : Jessica should participate in the vanilla bond market, and Stephan should participate in the corporate stock market.

• D : Jessica should participate in the secondary bond market, and Stephan should participate in the primary bond market.

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