Which of the following statements about futures are false:

I. Futures is a standardised contract to buy or sell a specific commodity or financial instrument at a specific price at a predetermined future date;

II. In Australia bonds futures are usually quoted at an index figure of 100 minus the yield so a dealer can follow a basic principle of buy low and sell high;

III. Parties to a futures contract are usually established for the whole term of the contract;

IV. Standard delivery is more usual in futures markets.

Select one:

a.

Only I

b.

III and IV

c.

Only II

d.

Only IV

e.

II and III

f.

Only III

g.

I and II

h.

I and IV