Why are futures contracts commonly believed to be less subject to default risk than forward contracts?

Question

Quizplus · Accepted Answer

The Answer is Futures markets have put in place successful procedures to protect clients from the default of
a counterparty:

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The counterparty is always the clearinghouse, not a private party.

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A centralized margin deposit system.

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Guarantees posted by all members who are collectively responsible.

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Daily marking-to-market. Variation limits can make this process take place during the day if needed.

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Liquidity of an organized market for standardized contracts.

Why Are Futures Contracts Commonly Believed to Be Less Subject