(1) Forward contracts are generally over-the-counter transactions, and banks give two-way quotations by telephone or telex; Futures trading is conducted in a highly organized financial futures exchange with strict rules, and the contract price is determined by public auction.

(2) Forward contract transactions are conducted directly between banks or between banks and customers. Members of the futures exchange can conduct self-operated business or trade on behalf of customers.

(3) The terms of the forward contract are determined by both parties through negotiation, and the amount and expiration date are relatively flexible; The financial futures contract is standardized, and the variety, quantity and delivery time of financial commodities involved in the contract are uniformly stipulated, and the only change is the price.

(4) There is no need to pay margin for forward contract transactions, which means accepting the risk of the counterparty; In financial futures trading, in order to effectively control risks, margin and daily settlement system are implemented.

(5) Forward contracts are generally delivered in kind, and the holders of financial contracts can hedge through reverse transactions before expiration, so financial futures contracts are rarely delivered in kind.