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Bill Chapman, CFA, has been hedging the currency of his portfolio using long-term futures contracts. He uses the futures as part of the strategic allocation of the portfolio. If Chapman were to decide to start using short-term contracts for the same purpose then, compared to the long-term contracts, he would find the short-term contracts: A. more liquid and using them less costly with respect to commissions. B. more liquid and using them more costly with respect to commissions. C. less liquid and using them more costly with respect to commissions. |