Forwards             Futures

Contract Terms     Variable             Standard
Delivery           Expected             ........
Trading            ........             ........
Margins            ........             ........
Credit Risk        ........             ........
Liquidity          ........             ........
Cash Flow          ........             ........

With futures contracts

a) most of them result in delivery.
b) none of them result in delivery, because the market is used only by investors.
c) only 2-5% usually result in delivery.
d) only 20-30% usually result in delivery.

(Click here for help)