The Following Are All Advantages of Having an Equity Swap

The following are all advantages of having an equity swap market EXCEPT:

A) These agreements allow investors to take advantage of overall price movements in a specific country's stock market.
B) Creating a direct equity investment in a foreign country may be difficult for some investors where it is prohibited by law.
C) These agreements eliminate the need for a counterparty because they are traded on the NYSE.
D) An investment fund wanting to accumulate foreign index returns denominated in their domestic currency may not be legally permitted to obtain sufficient exchange-traded derivative contracts to hedge a direct equity investment.
E) Equity swaps can reduce both the transaction costs and the tracking error.