{"id":7193,"date":"2025-09-27T16:25:39","date_gmt":"2025-09-27T12:25:39","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=7193"},"modified":"2026-04-11T09:54:42","modified_gmt":"2026-04-11T05:54:42","slug":"forward-vs-futures-prices","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/09\/27\/forward-vs-futures-prices\/","title":{"rendered":"\u10e4\u10dd\u10e0\u10d5\u10d0\u10d3\u10d8\u10e1 \u10d3\u10d0 \u10e4\u10d8\u10e3\u10e9\u10d4\u10e0\u10e1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d0<\/span>"},"content":{"rendered":"
\n\n\n\n

Since forward pricing formulas are used to evaluate futures, the question arises: are futures and forwards priced the same?<\/strong><\/p>\n\n\n\n

Theoretically, in the long run, it is said that a futures contract should be slightly more attractive than a forward contract with the same terms.<\/strong><\/p>\n\n\n\n

The reasoning goes like this:<\/p>\n\n\n\n

If we assume that the underlying asset price is positively correlated with interest rates, then the holder of a long futures contract<\/strong> gains when the asset price rises. These gains can be reinvested at an above-average return. On the other hand, if the underlying asset price falls, the futures holder suffers immediate losses, which can be financed at a below-average interest rate. The same cannot be said about a forward contract, since daily changes in gains and losses have no impact there.<\/p>\n\n\n\n

Therefore, when interest rates are positively correlated with the underlying asset price, the price of a long futures contract<\/strong> should be slightly higher than the price of a long forward contract<\/strong>, and vice versa when the correlation is negative.<\/p>\n\n\n\n

However, if the maturity of the futures and forward contracts is only a few months, the difference in their prices is theoretically so small that it can safely be ignored. In practice, though, the difference may result from other important factors \u2014 taxation mechanisms, differences in liquidity, or default risk.<\/p>\n\n\n\n

P.S.<\/strong>
Difference:<\/p>\n\n\n\n

Feature<\/th>Futures<\/th>Forwards<\/th><\/tr><\/thead>
Trading Venue<\/strong><\/td>Exchange-traded (standardized contracts)<\/td>Over-the-counter (OTC), privately negotiated<\/td><\/tr>
Contract Terms<\/strong><\/td>Standardized (size, maturity, settlement date)<\/td>Customized to parties\u2019 needs<\/td><\/tr>
Liquidity<\/strong><\/td>Highly liquid due to standardization<\/td>Less liquid, depends on counterparty<\/td><\/tr>
Settlement<\/strong><\/td>Marked to market daily (daily gains\/losses settled)<\/td>Settlement at maturity (single cash flow at end)<\/td><\/tr>
Counterparty Risk<\/strong><\/td>Low, exchange clearinghouse guarantees performance<\/td>High, depends on counterparty creditworthiness<\/td><\/tr>
Pricing Impact<\/strong><\/td>Affected by daily margining \u2192 convenience of reinvestment or financing<\/td>No daily margining, profit\/loss realized only at maturity<\/td><\/tr>
Typical Use<\/strong><\/td>Hedging, speculation, arbitrage with standard contracts<\/td>Customized hedging, matching specific exposures<\/td><\/tr>
Regulation<\/strong><\/td>Heavily regulated by exchanges<\/td>Less regulated, private agreements<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source<\/strong>: Options, Futures & Other Derivatives – John C. Hull<\/p>\n\n\n\n

","protected":false},"excerpt":{"rendered":"

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