Futures, commonly known as futures contracts, refer to standardized contracts formulated by futures exchanges and agreed to deliver a certain number of subject matter at a specific time and place. This subject matter, also called the underlying asset, is the spot corresponding to the futures contract. This spot can be a commodity, such as copper or crude oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as three-month interbank offered rate or stock index. The broad concept of futures includes options contracts traded on exchanges. Most futures exchanges list both futures and options. The delivery date of futures can be one week later, one month later, three months later or even one year later. Investors can invest or speculate in futures. Improper speculation in futures, such as short selling stocks, will lead to financial market turmoil.