期货与远期合约有什么差异？

Group 1 - The core difference between futures and forward contracts lies in their standardization, with futures being standardized contracts set by exchanges, while forwards are customized agreements between parties [1] - Futures contracts are traded on centralized exchanges with strict regulation and centralized clearing, whereas forward contracts are traded over-the-counter (OTC) with bilateral clearing and direct credit risk between parties [1] - The liquidity characteristics of futures contracts are generally higher due to their standardized nature and centralized trading, while forward contracts have lower liquidity due to their non-standardized terms [2] Group 2 - Delivery methods and actual delivery ratios differ significantly, with physical delivery being minimal in futures contracts, while forwards primarily aim for actual delivery of goods or financial assets [2] - Futures contracts often settle through offsetting positions or cash settlement, whereas forward contracts require the transfer of the underlying asset or cash settlement upon expiration [2]