Forwards are not typically traded on an exchange. Instead, they are traded over-the-counter (OTC). A forward contract is a private agreement between two parties to buy or sell an asset at a specified future date for a price agreed upon today. Unlike futures contracts, which are standardized and traded on an exchange, forward contracts are customized to the needs of the buyer and seller, and their terms may not be made public. Therefore, they carry a higher degree of counterparty risk compared to exchange-traded instruments like futures and options.

Choice A is incorrect. Futures are typically traded on an exchange. These contracts are standardized in terms of quantity, quality, and delivery time and place to facilitate trading on a futures exchange.

Choice C is incorrect. Options are also typically traded on an exchange. Options contracts give the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price within a certain period of time or at a specific date.

Choice D is incorrect. All of the listed derivatives (futures and options) except for forwards are typically traded on exchanges.