A swap is a method used to reduce financial risk. The following statements are correct, EXCEPT:

The earliest swaps were currency swaps, in which companies traded debt denominated in different currencies, e.g., dollars and yen.

A problem with swaps is that no standardized contracts exist, which has prevented the development of a secondary market.

Swaps are very often arranged by a financial intermediary, who may or may not take the position of one of the counterparties.

A company can swap fixed interest payments for floating interest payments.

None of the above