How is a future different from a forward? 1. Forwards trade over-the-counter, futures trade on organized markets II. Details of a forward can be customized to meet the needs of the client, whereas futures have standard terms that may not entirely suit the needs of the client III. Forwards, unlike futures are subject to default risk IV. Futures tend to be less liquid than forwards a) I, II and III only b) II, III and IV only c) I, II, III and IV d) I and II only