Which of the following statements is NOT correct?

a.

A swap can be viewed as a portfolio of forward contracts with different maturity dates.

b.

The options clearing corporation reduces credit risk for the exchange-traded options.

c.

A swap intermediary can reduce a treasurers credit risk exposure and the information and monitoring costs.

d.

The credit risk exposure is most significant under a forward contract, where no third-party guarantor exists as in options.

e.

Options are marked to market continuously; however, forward contracts are marked to market at coupon payment dates.