Which of the following distinguishes forward contracts from futures contracts?

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Forward contracts are traded on organized exchanges such as the Chicago Mercantile Exchange.Futures contracts allow flexible delivery dates that can be negotiated between parties.Forward contracts can be customized in terms of quantity and delivery schedule to suit the requirements of importers or exporters.Futures contracts do not incur any brokerage commissions or transaction expenses.Futures contracts are always settled immediately upon agreement.

Explanation

Forward contracts are private agreements that can be specifically tailored regarding the quantity and delivery date to meet the needs of parties like importers and exporters. In contrast, futures contracts are standardized and traded on exchanges, with fixed delivery dates and typically involve brokerage fees.