A: A futures contract refers to a written standardized agreement reached by buyers and sellers in the form of open bidding in an organized exchange, promising to buy or sell a certain amount of certain assets at an agreed price at a certain time in the future as stipulated in the contract. It is the development or standard form of forward contract. The main features of futures contracts are: (1) Futures contracts are highly standardized contracts. (2) Futures contracts are designed by futures exchanges and can only be traded after being approved by the futures authorities. (3) Futures contracts are traded on the floor. (4) Establish special deposit system and settlement system. (5) Futures contracts are two-way. (6) The purpose of futures contracts is generally not to deliver physical or financial securities, but to avoid price risks or earn risky profits in the spot market through unique hedging operations in the futures market.