Forwards             Futures

Contract Terms     variable             standard
Delivery           expected             only 2-5%
Trading            via phone            centralised
Margins            negotiated           ........
Credit Risk        ........             ........
Liquidity          ........             ........
Cash Flow          ........             ........

How do you think the margin determined in a futures contract?

a) By negotiation between you and your broker.
b) By open negotiation between you and the trade counterpart.
c) According to general rules established by the futures exchange.

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