Futures pricing
= Futures pricing
{title2=$F_{tT}=\mathbb E_Q[S_T\mid\mathcal F_t]$}
With continuous cash settlement and a money-market <risk-neutral measure>, discounted futures gains have zero drift; under the necessary true-<martingale> <integrability>, the futures quote is a <martingale> ending at the terminal spot price. The <forward contract> discount-weighted <expectation> is a different valuation expression.