1. Discuss the advantages of futures contracts over forward con-
tracts.
2. Explain the role of speculators in a futures market.
3. Why is it that delivery options are given to the seller and not
the buyer of a futures?
4. Why are position limits instituted in a futures contract?
5. What are the various ways in which a trader in a futures con-
tract might get out of their contractual obligations?
6. What is the role of a clearinghouse in a futures exchange?
7. What is the purpose of a margin requirement in futures trading?
8. What is the purpose of marking-to-market
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