A financial risk manager is evaluating two investment options involving the same underlying asset: purchasing a futures contract through an exchange or entering into a forward contract with a counterparty. Both contracts share identical terms regarding maturity dates and delivery conditions. Notably, the futures contract is priced lower than the equivalent forward contract. Considering there are no arbitrage opportunities and interest rates are expected to increase, what is the single factor that could logically explain the observed price difference between the futures and forward contracts?