问题
单项选择题
All of the following are characteristics of a well functioning securities market EXCEPT:（）
A. Internal information efficiency which can lead to variable transaction costs.
B. It would provide liquidity (marketability, price continuity, and depth).
C. It would provide internal and external efficiency.
答案
参考答案：A
解析：
Internal efficiency is a characteristic of a well-functioning securities market. However, this should lead to the lowest possible transaction cost not higher costs.