All of the following are differences between forward and futures contracts, EXCEPT: Typically large vs typically small contract size O The only exchange of money occurs at delivery vs daily marked-to- market O Subject to credit risk of the parties vs guaranteed by an exchange in most cases O Most are settled by delivery instead vs by offset O No exception, all of the listed are differences between forward and futures contracts Flexible vs standardized contract size O Obligation to deliver falls on both parties vs only one side