The difference between American options and European options is that the former:

Group of answer choices

A) Are regulated by the Securities and Exchange Commission (SEC), while the latter are not.

B) Use direct quotes while the latter use indirect quotes.

C) Are subject to default risk, while the latter are not.

D) Trade on options exchanges while the latter only trade over-the-counter (OTC).

E) Can be exercised at any time, while the latter can only be exercised at maturity.