21. A CME contract on 125,000 with September delivery A. is an example of a forward contract. B. is an example of a futures contract. C. is an example of a put option. D. is an example of a call option. 22. Transaction risk is e risk that exchange rates will change after a firm has entered into B., the risk that exchange rates will change before a firm has entered into international financial obligations. international financial obligations. C. the risk that interest rates will change before a firm has entered into international financial obligations D. all of the above