Futures and forwards are identical from an economic perspective but they differ in their institutional characteristics. Which of the following statements are true with respect to futures and forwards? Select one: e a. A futures contract has no default risk: a forward contract has default risk b. A futures contract is traded on exchanges: a forward contract is traded OTC (over-the- counter) c. Futures contracts require that margin be posted forward contracts do not d. Futures contracts settle profits & losses daily forwards settle profits & losses on the delivery date e. All of the above are true