Which one of the following statements is NOT true concerning Asian options?

1) Asian options refer to those predominately traded in Asian markets much in the same way as American options dominate the option exchanges in the U.S.

2) The Black-Scholes-Merton model does not apply to Asian options because the payoff structure under Asian options is different from that under European options

3) The method of Monte Carlo simulations provides a great way of pricing Asian options because the payoffs for Asian options on the terminal date depend on the full path of underlying stock prices

4) The method of binomial trees would be difficult to price Asian options given their path-dependent nature