18. Which of the following about derivatives is NOT correct?

Select one:

a. In relation to futures markets, buy and sell orders are placed through market dealers

b. An open futures contract can be closed out by buying or selling an identical contract but opposite to the initial futures contract

c. Futures contracts are marked-to-market at the end of each day

d. Forward contracts are products offered by banks

e. A futures markets trader must pay an initial margin to the futures exchange clearing house