Which of the following statements are true:

I. The swap rate, also called the swap spread, is initially calculated so that the value of the swap at inception is zero.

II. The value of a swap at initiation is different from zero and is equal to the difference between the NPV of the cash flows of the two legs of the swap

III. OTC swaps are standardized and limited to a defined set of standard contracts

IV. Interest rate and commodity swaps are the types of swaps that are most traded