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Briefly describe the differences between financial futures contracts and financial option contracts.
Financial futures is a kind of futures trading. Futures trading refers to the trading of standardized futures contracts by both parties in a centralized trading market through open bidding. A futures contract is a standardized agreement between the two parties, which stipulates that a certain number of undifferentiated goods will be delivered at the agreed price at the time of trading. The basic tools of financial futures contracts are various financial instruments (or financial variables), such as foreign exchange, bonds, stocks and price indexes. In other words, financial futures are futures trading based on financial instruments (or financial variables).

Financial option contracts refers to a contract in which the buyer pays a certain fee (called option fee or option price) to the seller and enjoys the right to buy and sell a certain financial instrument to the seller at a predetermined price within the agreed date (or agreed date).

Therefore, after paying the option fee, the buyer of financial options has the right to buy or sell a certain number of financial commodities (spot options) or financial option contracts (futures options) from the seller at a predetermined price within a certain time or period stipulated in the contract. Of course, this right may not be exercised.