Forward contract
= Forward contract
{wiki}
An agreement to exchange an underlying at a fixed delivery price on a specified maturity, without the futures convention of repeated settlement. Its fair delivery quote is $\mathbb E_Q[D_{tT}S_T\mid\mathcal F_t]/\mathbb E_Q[D_{tT}\mid\mathcal F_t]$. It may differ from a <futures contract> quote when rates are stochastic.