Question: For each pair shown below, which of the two describes a forward contract? Which describes a futures contract? (a) Standardized/made to order (b) Interest rate

For each pair shown below, which of the two describes a forward contract? Which describes a futures contract?

(a) Standardized/made to order

(b) Interest rate risk/no interest rate risk

(c) Ruin risk/no ruin risk even when there is a matching cash flow at T

(d) Short maturities/even shorter maturities

(e) No secondary market/liquid secondary market

(f) For hedgers/speculators

(g) More expensive/less expensive

(h) No credit risk/credit risk

(i) Organized market/no organized market

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