The following statement about futures and derivatives hedging is false.

A) basis risk occurs because changes in the spot asset's price are not perfectly correlated with changes in the price of the asset delivered under a forward or futures contract.

B) Macrohedging uses a derivative contract, such as a futures or forward contract, to hedge a particular asset or liability risk.

C) Selective hedging that results in an over-hedged position may be regarded as speculative by regulators.

D) A forward contract has only one payment cash flow that occurs at the time of delivery.