Futures are a standardized form of forward contracts developed by the Chicago Board of Trade among others.

Name: Futures are a standardized form of forward contracts developed by the Chicago Board of Trade among others.
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Futures contracts are indeed standardized agreements to buy or sell an asset at a future date and price, and they were developed by institutions like the Chicago Board of Trade to facilitate trading on a formal exchange, providing a mechanism for the management of financial risk.

Futures Are a Standardized Form of Forward Contracts Developed by the Chicago