The difference between financial futures and financial forward contracts. Financial futures are developed on the basis of financial forward contracts. The biggest similarity between them is that they both adopt the trading mode of closing positions first and then closing positions, but they are also very different, mainly reflected in the following five aspects: First, the trading places are different. The first difference between futures and forward trading is that futures must be traded on a designated exchange. Futures contracts are openly and fairly traded in the trading hall. The exchange must ensure that the trading price at that time can be spread out in a timely and wide way, so that futures can enjoy the advantages of trading from the transparency of trading. The market organization of forward trading is relatively loose, with exchanges and no trading places for centralized trading.

Second, the contract forms are different. Jin 'ao Futures Co., Ltd. is a standardized contract that meets the requirements of the exchange. There are strict and detailed regulations on the quality, quantity, validity period, trading time and delivery level of the traded gold touch goods. The quality, quality, delivery date and so on of the goods traded in the forward contract are all decided by both parties themselves, and there is no weekly standard or standard.

Third, the deposit payment and settlement time are different. Forward contract transactions usually do not pay margin, and the profit and loss will be settled after the contract expires. Futures trading is different. Before the transaction, 5%- 10 of the contract deposit must be defrauded as the deposit, and the settlement company will make a daily settlement. If there is any surplus, you can extract it. If there is a loss, the book deposit is lower than the maintenance level and must be replenished in time. This is an extremely important security measure to avoid the credit crisis of the exchange.

Fourth, positions are closed in different ways. There are three ways to end future positions: one is to end the original position through hedging or reverse operation, that is, to buy and sell futures contracts with the same number and opposite direction as the original position; The other is cash or spot delivery; The second is the exchange of bodies. In an exchange, two traders promise to trade spot and spot-based futures contracts. Forward transaction is an agreement reached by both parties according to their respective needs. Therefore, the price, quantity and duration are not standardized. If one party breaches the contract halfway, it is usually difficult to find a third party to take over the rights and obligations unconditionally. Therefore, the breaching party can only provide additional favorable conditions to terminate the contract or find a third party to take over the original rights and obligations.

Fifth, the participants in the transaction are different. Most participants in forward contracts are professional producers, passive traders and financial institutions, while futures trading is more public. The market has high liquidity and high efficiency. Banks, companies, financial institutions and individuals can all participate in the transaction.