"Organized exchange on which contracts are concluded and traded. The contracts oblige the seller of a futures contract to deliver goods of a certain quality at a certain price at a future date and the buyer to take delivery of these goods at the same conditions and the same price.
Futures markets contain a speculative element. Sellers expect prices to fall over time, while buyers expect prices to rise. Futures markets exist not only for agricultural commodities but also for a large number of other goods and financial assets, particularly foreign exchange. "
