Another difference between forwards and futures is that forward contracts are bilateral contracts subject to counterparty default
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Another difference between forwards and futures is that forward contracts are bilateral contracts subject to counterparty default risk, but the default risk on futures is significantly reduced by the futures exchange guaranteeing to indemnify counterparties against credit or default risk.
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Related Book For 
Financial Markets And Institutions
ISBN: 9781259919718
7th Edition
Authors: Anthony Saunders, Marcia Cornett
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