期货与远期合约的区别
本文对比了期货和远期合约的主要区别：1) 期货在交易所市场交易，而远期合约则在场外市场进行；2) 期货交易双方通过清算所进行，远期合约则是双方直接交易；3) 期货需要缴纳保证金，减少了信用风险，而远期合约没有此要求，存在信用风险；4) 期货有标准的到期月份，流动性通常集中在最近到期的合约上。
1) Futures are traded in exchange market. Forwards are trded in OTC market.
2) Counterparties of futures are traded with clearing house only.
Counterparties of forwards are traded with each other.
3) Counterparties of futures need to pay margin. So, futures don't have credit risk.
Counterparties of forwards no need. So forwards have credit risk.
4) Futures have standard expiry months. Usually monthly or quarterly. liquidity tends to be greatest in the nearest expiry, since traders sometime needs to rolling the position.
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