6. Which of the following is not a difference between futures and forwards? I. Futures are liquid, forwards are not. II Futures do not incur counterparty default, forwards can. III. Futures are traded on established exchanges, forwards are traded over-the-counter. IV. Futures have standardized contract specifications, forwards do not. a. Only III is not. b. I, III and IV are not. c. II and III are not d All are differences. e. None are differences. (Ctrl)