Using Forward and Futures Contracts to Hedge Risks Traditionally,no payment is made on a forward contract until the settlement date(交割日) If the parties to a forward contract do not trust the other,then add clauses to provide a sureties to a stakeholder periodically render contract valueless by making cash settlement equal to its current market value THE COURSE OF FINANCE 2017 SPRING SJTUUsing Forward and Futures Contracts to Hedge Risks  Traditionally, no payment is made on a forward contract until the settlement date（交割日）  If the parties to a forward contract do not trust the other, then add clauses to provide a sureties to a stakeholder periodically render contract valueless by making cash settlement equal to its current market value THE COURSE OF FINANCE 2017 SPRING SJTU 7