A futures contract can be differentiated from a forward contract in that:

Select one:

a.

a futures contract is exactly the same as a forward contract.

b.

statements (1) and (2) are true.

c.

(1): a futures contract is organised through an exchange.

d.

(2): a futures contract can be closed out or reversed before the maturity of the contract.

e.

a forward contract is standardised while a futures contract is not.