While an Interest Rate Swap May Be Nothing More Than

Multiple Choice

While an interest rate swap may be nothing more than a package of forward contracts, several important reasons suggest that it is not a redundant contract. Which of the below is NOT one of these?

A) The longest maturity of forward or futures contracts does not extend out as far as that of an interest rate swap.
B) An interest rate swap is a more transactionally efficient instrument.
C) The liquidity of the interest rate swap market has grown since its beginning in 1981.
D) Forward contract are a more transactionally efficient instrument since their beginning in 1955.