The Dutch tulip craze, occurring during 1636-37, is often cited as one of the first major financial bubbles in history. This phenomenon began after tulips were introduced from Turkey, sparking a tremendous demand that drove prices to extraordinary levels. Tulip trading originally involved the use of forward contracts. Subsequently, changes in legislation allowed some of these contracts to be converted into options contracts, and short selling was completely prohibited. The speculative fever culminated when the price of a single tulip bulb surpassed the cost of a typical house, ultimately leading to the bubble's collapse and severe financial losses for many investors. Given this historical context, which of the following characteristics of exchange markets could have potentially prevented or mitigated the effects of the tulip mania?