期货合约与远期合约区别是什么？

Group 1 - The article discusses the differences between futures contracts and forward contracts as two basic types of forward financial derivatives, focusing on their trading mechanisms and risk controls [1][2] - Futures contracts are traded on regulated exchanges, while forward contracts are negotiated privately in the OTC market, leading to different regulatory environments [1] - Futures contracts have standardized terms set by exchanges, whereas forward contracts are customizable based on the parties' agreements, resulting in a lack of industry standards [1][2] Group 2 - The settlement mechanism for futures involves daily mark-to-market settlements, which helps manage performance risk, while forward contracts settle only at maturity, making their clearing process simpler [2] - Futures trading employs a central counterparty clearing mechanism to mitigate default risk, whereas forward contracts rely on bilateral credit agreements, exposing parties to each other's credit risk [2] - Futures contracts exhibit higher liquidity due to their standardized nature and centralized trading, while forward contracts have limited liquidity as they are only transferable with mutual consent [2]