1. Which of the following statements is not true?

1. Advantages over futures contracts that forward contracts have include that forward contracts are tailored to the specific needs of the investor.
2. In the futures market the short positions loss is equal the long positions loss.
3. The advantage that standardization of futures contracts brings is that liquidity is improved because all traders must trade a small set of identical contracts.
4. The fact that the exchange is the counterparty to every futures contract issued is important because it eliminates credit (default) risk