Which of the following is not a difference between forwards and futures?

a. Futures can be used to reduce interest rate risk; forwards cannot.

b. Futures are generally more liquid than forwards.

c. Forwards have counterparty risk, while futures do not.

d. Futures are standardized in the amount and quality of assets and delivery dates; forwards are not.

e. Forwards are traded over-the-counter, while futures are exchange-traded.