futuros

Futuros, or futures contracts, are standardized agreements to buy or sell a specific asset at a predetermined price on a specified future date. They are traded on organized exchanges and cleared by a central counterparty, which reduces default risk and provides price transparency and liquidity.

Each contract defines the asset, quantity, quality, delivery month, and settlement method. Most futures are settled financially or by delivery of the underlying asset, while some are cash-settled. The standardized nature allows broad participation and facilitates efficient price discovery.

Participants include hedgers who seek to lock in prices to manage risk (such as producers or users of the asset) and speculators who aim to profit from anticipated price movements. Arbitrageurs may exploit price discrepancies between related markets. Contracts have standardized sizes and tick values, and prices are quoted in uniform units.

Trading involves margin and daily settlement, or mark-to-market, which means gains and losses accrue each trading day. Leverage enables a small upfront margin to control a larger position, but also increases risk of substantial losses. Liquidity and risk management are important considerations, as positions can be rapidly liquidated if margins are not maintained.

Futures cover a wide range of assets, including commodities (grains, energy, metals) and financial instruments (stock indices, currencies, interest rates). Notable examples include crude oil futures, gold futures, and S&P 500 futures.

Compared with forwards, futures are exchange-traded, standardized, and cleared, offering greater liquidity and reduced counterparty risk. Regulation varies by jurisdiction but generally focuses on market integrity, price discovery, and investor protection.