Which of the following statements regarding the difference between futures and forwards is correct?

Question 15 options: Forwards are standardized contracts, whereas futures can be customized to suit specific needs.

Futures contracts are only used for commodities, while forwards are used for financial instruments.

Futures contracts have longer maturity periods compared to forwards.

Futures contracts are traded on organized exchanges, while forwards are traded over-the-counter (OTC).

Forwards require an initial margin, while futures don't require such margin.