1. Which of the following is false about futures trading?
   1. Initial margin is higher than maintenance margin.
   2. A margin call results when the account value falls below the intial margin.
   3. A margin call results when the account value falls below the maintenance margin.
   4. Positions in a futures account are marked-to-market at least daily.
   5. The exchange/clearing house protect traders against losses from counterparty defaults.