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A manager plans to the hedge currency risk of a portfolio. The manager will take positions in futures which he plans to close with offsetting contracts at a later date. In choosing among currency futures contracts of various maturities, the manager should recognize that using the strategy of closing contracts with offsetting contracts rather than making delivery is: A. not possible with short-term contracts, but it is possible with long-term contracts. B. possible with short-term but not long-term contracts. C. possible with both short and long-term contracts. |