One of the most basic difference(s) between currency forward and futures contracts is (are) that:

(a) forward contracts have more credit risk than futures contracts

(b) forward contracts are negotiated with an organized exchange whereas futures contracts are bought and sold by banks

(c) futures contracts have no daily limits on price fluctuations whereas forward contracts have a daily limit on price fluctuations

(d) futures contracts are individually tailored while forward contracts are standardized.