Which of the following statements is (are) NOT correct?

a.The exposure to foreign exchange risk by U.S. FIs has increased with the growth of the various derivative markets.

b.Since forward contracts are negotiated over-the-counter, and the parties have maximum flexibility when setting the terms and conditions, credit and counterparty risk does not exist.

c.If foreign currency exchange rates are highly positively correlated, Financial institutions should take opposing net short and net long positions in different currencies.

d.A banks speculative trading may include purchasing and selling foreign currencies to profit from forecasting future movements in Foreign exchange rates.

e.b and d