1. Forward refers to a contract in which both parties agree to buy and sell a certain number of certain underlying assets at a certain price at a certain time in the future. Forward trading was originally used as a tool to lock in future prices. Both parties to the transaction need to determine the transaction target, validity period and execution price at the time of delivery, and both parties must fulfill the agreement, which is generally reached through the OTC market. Common types include commodity forward transactions, forward interest rate agreements, foreign exchange forward transactions and non-deliverable foreign exchange forward transactions.

2. Futures generally refers to a standardized forward contract that can be traded with a certain commodity or financial asset as the target-futures contract. A futures contract is a standardized contract made by a futures exchange, which stipulates to deliver a certain number of subject matter at a specific time and place in the future. Futures contracts can be divided into commodity futures contracts, amount futures contracts and other futures contracts according to their different targets.

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