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A trader is interested in closing out a position in a futures market. What is meant by the phrase closing out? Why can a trader

A trader is interested in closing out a position in a futures market. What is meant by the phrase closing out? Why can a trader unilaterally close out position in a futures market while a trader cannot unilaterally close out a position in a forward agreement? Provide examples which illustrate the points you are trying to make.

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