Which of the following is NOT correct?

A.Forward contracts are standardised contracts, the prices are marked to market daily.

B.For forward contracts, all cash flows are required to be paid at one time on contract maturity.

C.For futures contracts, if a trader defaults the exchange will assume the position of the trader to ensure no default for the other party to the contract.

D.Forward contracts are essentially over-the-counter arrangements with no external guarantees in case of default.

E.For futures contracts, cash flows may be payable on a daily basis if the market position moves against the trader.