Which of the following statements are correct regarding futures and forwards? i) A futures contract entails an immediate transfer of ownership of the underlying security. ii) A forward allows the holder to make or take delivery of the underlying commodity or financial instrument, in the future, at the market price that exists on that future date. iii) Because of the associated margins requirements futures contracts are less risky than most financial instruments. iv) Both futures and forward contracts are derivative instruments used extensively as a risk management tool by portfolio managers and other hedgers. a) ii) and iii) only. b) i), ii) and iv). c) iv) only. d) iii) only