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A forward is a bespoke transaction for future delivery of an asset, while a future is a listed, standardised instrument subject to inital and variation margin with daily liquidity.
Forward is customised and Future is standaridised. But Forwards turnover is more than futures hence forwards provide better liquidity. In Forward credit risk on the counter party but in futures credit risk is on the clearing house
Forward contracts are agreements between2 parties and futures contracts are exchange based and therefore are subject to those rules and authority as well as prevailing commercial realities.
