Which users favor foreign currency futures contracts and which favor foreign currency forwards and why?

Futures are preferred by individuals and speculators because they don't have access to interbank markets. Firms prefer forwards because they are highly customizable.

Forwards are preferred by individuals and speculators because they don't have access to interbank markets. Firms prefer futures because they are highly customizable.

Futures are preferred by individuals and speculators because they are highly customizable. Firms prefer forwards because they are standardized.

None of these statements is correct.