Bond futures are very different from domestic "bond forward". Bond futures have the following characteristics:

1, standardized contract.

2. Margin trading.

3. Centralized market transactions.

4. The risk of default shall be borne by the settlement institution.

5. Transaction information is usually transparent and spreads quickly.

Because of these characteristics, bond futures trading in the world is mainly conducted in futures exchanges, while bond forward trading is conducted in the form of OTC.