Hence it is customizable. Conversely, a futures contract is a standardized one where the conditions relating to quantity, date, and delivery are standardized. Forward contracts are traded Over the Counter (OTC), i.e. there is no secondary market for such contracts. On the other hand, a Futures contract is traded on an organized securities exchange. Forward contracts are typically negotiated directly between two parties as a result, while Futures are suitable to be quoted and traded on exchanges in standardized form. Swaps and Forwards A Swap contract compares best to a Forward contract, although a Forward has only a single payment at maturity while a Swap typically involves a series of payments in the futures.