The difference between futures contracts and forward contracts: it is conducted on the exchange, with strict organization and management and open bidding; Margin system; The transaction object is a standardized contract; The purpose of trading is not to obtain goods, but to transfer risks or obtain bid-ask spreads; Specification of varieties, specifications, quality, quantity and delivery methods of traded commodities; Daily settlement system to ensure market operation.
Financial futures trading is conducted on the exchange, not with the exchange as the counterparty.
Financial futures can be divided into three categories: foreign exchange futures, interest rate futures and stock index futures.