Which of the following characteristics apply to trading before and after regular hours?

I. Most after hours trades match a bid price to a corresponding offer price.
II. Most brokerage firms require individual investors to place only market orders for after-hours trades.
III. Electronic Communications Networks (ECNs) play a key role in after hours trading.
IV. After-hours trading begins at 4:00 P.M. and ends at 9:30 A.M. eastern time.

A) II and IV only
B) I, II and III only
C) I and IV only
D) I, III and IV only

Answer: D