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Future contract

A contract for the future of delivery of a commodity, currency or security on a specific date. Currency future contracts are for standard quantities over standard periods of time are primarily traded on exchanges (and in this way differ from forward exchange contracts). Future contracts are officially traded on an exchange market such as Chicago Board of Trade (CBOT), London International Financial and Futures Exchange (LIFFE) or New York Mercantile Exchange (NYMEX).

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