The basic difference(s} between forward and futures contracts is that (a) forward contracts are individually tailored while futures contracts are standardized (b) forward contracts are negotiated with banks whereas futures contracts are bought and sold on an organized exchange [c] forward contracts have no daily limits on price uctuations whereas futures contracts have a daily.r limit on price uctuations [d] all ofthe above National Bank quotes the following rates for Australian dollar: Bid: 9.??21 Ask: 9.??29. These are indirect quotes for a N2 resident. What are the corresponding direct quotes? (a) Bid: 9.91294; Ask: 9.91295 [b] Bid: 1.2949; Ask: 1.2952 [c] Bid: 9.1295; Ask: 9.1294 [d] Bid: 1.2952; Ask: 1.2949 seek to prot from trading in the market itself rather than having the foreign exchange transaction being incidental to the execution of a commercial or investment transaction. [a] Foreign exchange brokers [b] Speculators and arbitragers (c) Central banks (d) MNCs