Exercise 3.1. collateral, 2. bearer, 3. capital market, 4. corporation, 5. equity, 6. marketable securities, 7. private placement, 8. registered security, 9. secondary market, 10. securities markets, 11. securitization, 12. stock

Exercise 4.volatile, community, sophisticated, utility, ADRs, depository, entity, custodian, issued, transaction, underlying, securities, agent, initiating, convert, delivered, notifies, transfer, registrar, intra-market, cancellation, cross-border, surrenders, cancels, holder, financial, OTC, exempted, compliance, disclosure, publicly-traded, GAAP, SEC, regulatory, execute, Form 6, listing, exchanges, offering, due dilligence, public, raise, placements, qualified, eligible, issuers, awareness, standards, liquidity