Many times, we read about future trading in newspapers. What is 'future trading'? I. It is nothing but a trade between any two stock exchanges, wherein it is decided to purchase the stocks of each other on a fixed price throughout the year. II. It is an agreement between two parties to buy or sell an underlying asset in the future at a predetermined price. III. It is an agreement between stock exchanges that they will not trade the stocks of each other under any circumstances in future or for a given period of time. Select the correct answer using the codes given below

• A.  Only I            
• B.  Only II
• C.  Only III           
• D.  II and III
• E.  None of these