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_ take positions in financial futures to reduce their exposure to future movements in interest rates or stock prices; commonly take the opposite position

_________ take positions in financial futures to reduce their exposure to future movements in interest rates or stock prices; ________ commonly take the opposite position and thus serve as counterparties on many transactions.

	a.	Arbitrageurs; speculators
	b.	Hedgers; speculators
	c.	Speculators; hedgers
	d.	Hedgers; arbitrageurs

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