Question 11 6.25 pts What is the difference between a forward contract and a future contract? O Forward contracts are normally arranged through an organized exchange, while most futures contracts are OTC contracts. A forward contract is not marked to market daily, but a futures contract is. Both are essentially the same, except for the fact that the terms of a forward contract are set by the exchange, subject to the approval of the CFTC. Both are essentially the same, except for trading volumes which are higher for forward contracts. Delivery of the underlying asset almost always occurs on a futures contract but almost never occurs on a forward contract