2. Futures versus Forward Contracts (LO1, CFA2) In which of the following ways do futures contracts differ

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2. Futures versus Forward Contracts (LO1, CFA2) In which of the following ways do futures contracts differ from forward contracts?

I. Futures contracts are standardized.

II. For futures, performance of each party is guaranteed by a clearinghouse.

III. Futures contracts require a daily settling of any gains or losses.

a. I and II only

b. I and III only

c. II and III only

d. I, II, and III

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