1) Futures are traded in exchange market. Forwards are trded in OTC market.
2) Counterparties of futures are traded with clear招财貔貅 http://www.mu25.com/ing 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 grea十八味党参丸test in the nearest expiry, since traders sometime needs to rolling the position. 诺基亚CEO警告 编辑：那英