Which of the following is NOT an over-the-counter (OTC) derivative?*

A futures contract.

A forward contract.

A bond option.

Which of the following regarding a plain vanilla interest rate swap is most accurate?*

The notional principal is swapped.

The notional principal is returned at the end of the swap.

Only the net interest payments are made.

Which of the following is a common criticism of derivatives?*

Derivatives are too illiquid.

Derivatives are likened to gambling.

Fees for derivatives transactions are relatively high.