Which of the following statements is true?

a.

Futures contracts are less liquid than forward contracts, ceteris paribus.

b.

Futures contracts are not traded on an exchange.

c.

Currency options are superior hedging techniques to futures contracts because an option protects from unfavourable exchange rate movements while giving the hedger an opportunity to benefit from favourable exchange rate movements.

d.

A European option can be exercised at any time prior to the maturity date of the option.