Which of the following statements IS NOT true: Speculators in derivatives markets bet on the future direction of price movements: in doing so, they take on large amounts of price risk The Clearing House is counterparty to every futures transaction Forward markets are much less regulated than futures markets Hedgers in futures markets typically trade futures contracts to reduce the risk of their positions in the underlying assets Arbitrageurs in futures markets always close out their future positions with a loss: the loss is the premium they have to pay in order to have a riskless portfolio