4.1 Consider the following statements about a futures clearinghouse:
Statement 1: “A clearinghouse in futures contracts allows for the offsetting of contracts prior to delivery.”
Statement 2: “A clearinghouse in futures contracts collects initial margin (performance bonds) from both the long and short sides in the contract.”
Are the statements most likely correct or incorrect?

a. Both statements are correct.

b. Statement 1 is incorrect, but Statement 2 is correct.

c. Statement 1 is correct, but Statement 2 is incorrect.