Futures and Forwards are very similar derivative products, yet have key differences. What are these differences? (a) Futures are cash-settled, whereas forwards are physical delivery only. (b) Futures are exchange-traded whereas forwards are OTC (over-the-counter). (c) Futures are "marked-to-market" whereas forwards are not. (d) Futures are standardized contracts whereas forwards are customized between the two counterparties. (b) \& (c) (b), (c) \& (d) (a), (b) & (c) All of the above