Explain Future and Forward Contract?

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A forward contract is a customized contractual agreement where two private parties
agree to trade a particular asset with each other at an agreed specific price and time in the
future. Forward contracts are traded privately over the counter, not on an exchange.
A futures contract — often referred to as futures — is a standardized version of a
forward contract that is publicly traded on a futures exchange. Like a forward contract, a
futures contract includes an agreed upon price and time in the future to buy or sell an
asset — usually stocks, bonds, or commodities, like gold.