By Making Financial Assets Tradable in This Way, Securitization ________

By making financial assets tradable in this way, securitization ________.

A) increases agency costs, thereby making financial markets more efficient.
B) worsens liquidity for the underlying financial claims, thereby reducing liquidity risk in the financial system.
C) reduces agency costs, thereby making financial markets more efficient.
D) improves liquidity for the underlying financial claims, but increases the bankruptcy risk in the financial system.