Forward foreign exchange transaction, also known as forward foreign exchange transaction, refers to the foreign exchange transaction in which both parties agree on the trading conditions such as currency, amount, exchange rate and delivery time in advance and actually deliver after the expiration.

Foreign currency futures refers to the foreign exchange futures contract transactions conducted by open bidding in the centralized trading market.

The significant differences between foreign exchange futures and forward foreign exchange are mainly manifested in the following aspects:

1. number of transactions: the number of transactions of contract targets in different currencies designated by the exchange.

2. Trading methods: on-site trading, entrusted member brokers to buy and sell, and centralized public bidding.

3. Actual delivery rate: it is mainly settled through hedging transactions, and the actual delivery rate is only 1%-2%.

4. Performance guarantee: the deposit system and additional deposit system shall be implemented.

5. Price and its change: The exchange stipulates the minimum change price and daily price fluctuation limit.

6. Settlement business: the settlement institution handles the settlement and settles the deposit on a daily basis.