Forward contracts traded on an organized exchange are referred to as

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Request for Question Clarification by rainbow-ga on 11 Sep 2005 00:29 PDT

Please let me know if this answers your question:

Futures contracts - are forward agreements with an important
difference. Whereas the terms of a forward agreement are generally
customized to the needs of the counterparties and sold through
over-the-counter (OTC) dealers, futures contracts are standardized
agreements traded on organized exchanges.
http://www.bos.frb.org/education/pubs/toolsoft.pdf


"A forward is an agreement whereby one person agrees to buy designated
property at a specified future date for a specified price and the
other person agrees to sell. A futures contract is a kind of forward
contract traded on an organized exchange and subject to the rules of
the exchange. Options and forwards are known as "derivatives" since
their values fluctuate with the value of the underlying property."
http://www.un.org/documents/ecosoc/docs/1998/e1998-57.htm


Looking forward to your clarification.

Best regards,
Rainbow

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Request for Question Clarification by rainbow-ga on 11 Sep 2005 00:37 PDT

Here's more:

Futures contracts are standardized forward contracts traded on
organized exchanges. A futures contract commits the buyer to purchase,
and a seller to deliver, an asset at a specified time in the future at
a pre-arranged price.
http://www.eei.org/industry_issues/finance_and_accounting/finance/nonav_energy_trading/options_and_transaction.pdf

Rainbow~