Please circle ALL of the correct statements below about foreign exchange forward and futures contracts.

a. Futures contracts are traded on an exchange, while forward contracts are traded over the counter.

b. Forward contracts have standardized delivery dates, while futures contracts have tailored delivery dates.

c. Forward contracts can be nondeliverable, while futures contracts are always deliverable.

d. Forward contracts bear counterparty credit risk, while futures contracts bear the credit risk of the exchange.

e. Forward contracts do not involve credit risk, while futures contracts bear the credit risk of the exchange.