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Forward 与 Futures

Most important differences

专题
Finance / 金融
难度
L4

题目详情

金融数学题：forward vs futures 的区别。

英文原题

What are the most important differences between forward contracts and futures contracts?

解析

要点：

  • forward 多为 OTC，合约可定制；futures 为交易所标准化。
  • futures 每日盯市（mark-to-market）并缴保证金；forward 通常到期一次性结算。
  • futures 由清算所降低对手方风险；forward 对手方风险更直接。
  • 因每日盯市，若利率与标的相关，futures 价格与对应远期价格可能出现 convexity adjustment（利率类更明显）。

英文解析

The main differences between the ways forward and futures contracts are structured, settled, and traded are:

  • Futures contracts trade on exchanges and have standard features, while forward contracts are over-the-counter instruments.- Futures are marked to market and settled in a margin account on a daily basis, while forward contracts are not settled before maturity.- Futures carry almost no credit and counterparty risk, since they are settled daily, while entering into a forward contract carries some credit risk.

  • Futures have a range of delivery dates, while forward contracts have a specified delivery date.- Futures contracts require the delivery of the underlying asset for the futures price, while forward contracts can be settled in cash at maturity, without the delivery of a physical asset.