期货合约与远期合约有何主要区别？

Group 1 - The core difference between futures and forward contracts lies in their trading venues and standardization levels, with futures being traded on centralized exchanges with standardized terms, while forwards are privately negotiated with low standardization [1] - Futures contracts utilize a daily settlement mechanism, where gains and losses are calculated at the end of each trading day, requiring margin adjustments, whereas forward contracts settle all gains and losses at maturity without intermediate settlements [1] - The risk management systems differ significantly, as futures involve a clearinghouse that mitigates counterparty risk through margin requirements and circuit breakers, while forwards rely solely on the creditworthiness of the parties involved, leading to higher default risk [2] Group 2 - Liquidity characteristics vary, with futures offering high liquidity due to standardized terms and centralized trading, allowing participants to exit positions easily, while forwards have lower liquidity due to non-standardized terms and decentralized trading [2] - Regulatory frameworks also differ, with futures markets being subject to strict financial regulations and oversight, while forward contracts are primarily governed by civil law and self-regulatory rules, resulting in less direct regulatory intervention [2]