The fiXed Cost of a Securities Trade

The fixed cost of a securities trade:

A) Will affect a firm with an average trade value of $10,000 less than a firm with an average trade value of $100,000.
B) Has more bearing on the target cash balance as the number of trades increases.
C) Is normally minimal so it can be ignored when trying to establish optimal cash balance levels.
D) Has more impact on firms following a flexible cash policy than a firm following a restrictive cash policy.
E) Varies with the average number of cheques processed in any stated period of time.