Which of the following is correct? Choose only one.

1. A call option with an exercise price of $20 is in-the-money if the value of the underlying asset is $18.
2. Transactions of futures contracts are non-standardized and take place in OTC markets.
3. Call option holders do not have obligations to exercise their options but put option holders do.
4. To hedge against an obligation to pay in JPY in the future, you want to sell JPY futures contracts.
5. To hedge against an obligation to pay in GBP in the future, you want to buy GBP call options.