结构推理
How do currency forward and futures contracts differ with respect to maturity, settlement, and the size and timing of cash flows?
【正确答案】Currency forward contracts are traded in an interbank market, have negotiated terms (maturity, amount, and collateral), and are traded with a bid-ask spread. Nearly all forward contracts are held until maturity. Currency futures contracts are exchange-traded, standardized instruments that are traded on a fee basis rather than with a bid-ask spread. Less than 5/% of futures contracts are held until maturity.