期货合约与远期合约有什么不同？

Core Insights - The article discusses the differences between futures contracts and forward contracts, highlighting their standardization and trading mechanisms [1][2]. Group 1: Futures Contracts - Futures contracts are standardized agreements set by exchanges, with predetermined terms such as asset type, quantity, quality, delivery location, and date [1]. - They are traded on centralized exchanges under strict regulation and cleared through a central counterparty (CCP), which mitigates default risk by converting bilateral credit risk into a single risk against the CCP [1]. - The fulfillment method for futures contracts primarily involves hedging and closing positions before expiration, allowing participants to avoid actual delivery of the underlying asset [2]. - Futures trading employs a strict margin system and daily mark-to-market mechanism, ensuring that traders maintain the ability to fulfill their obligations [2]. - Due to their standardized nature and active trading environment, futures contracts exhibit high liquidity, enabling quick and low-cost market entry or exit [2]. Group 2: Forward Contracts - Forward contracts are non-standardized agreements negotiated privately between parties, allowing for flexible terms tailored to individual needs [1]. - They are primarily traded in the over-the-counter (OTC) market without a centralized clearing institution, relying on the creditworthiness of the parties involved, which introduces higher credit risk [1]. - The fulfillment of forward contracts typically involves physical delivery or cash settlement at expiration, as they lack the ability for quick hedging through opposing trades [2]. - Forward contracts generally do not have daily mark-to-market requirements, with profits and losses settled only at maturity, which can lead to increased risk exposure [2]. - The unique nature of each forward contract results in lower liquidity compared to futures contracts, making it challenging to find matching counterparties for trades [2].