1.

Futures are standardized instruments transacted through brokerage firms

including delivery places and dates, volume, technical specifications, and
trading and credit procedures where as forwards are entirely customized and
all the terms of the contract are privately negotiated between parties.
2. Forwards entail both market risk and credit risk. Those who engage in futures
transactions assume exposure to default by the exchange's clearing house.
3. Futures are settled at the settlement price fixed on the last trading date of
the contract (i.e. at the end). Forwards are settled at the forward price agreed
on at the trade date (i.e. at the start).
4. Futures are generally subject to a single regulatory regime in one jurisdiction,
while forwards - although usually transacted by regulated firms - are
transacted across jurisdictional boundaries and are primarily governed by the
contractual relations between the parties.
5. In a forward there are no cash flows until delivery, whereas in futures there
are margin requirements and periodic margin calls.