History of Forward Contracts (Historical Evidence for Forward Contracts)
A forward contract is an agreement between two parties who specify today the terms (price, underlying asset, quantity, etc.) of an exchange that is to take place at a known future date. Forward contracts can be traced to Greek and Roman times, and may have occurred earlier still; they have been widely traded in Europe (and subsequently elsewhere) since the Middle Ages.
KeywordsForward contracts Futures
JEL ClassificationsF30 G10 N20 N23
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