Answer: Usually one specified delivery date

A futures contract is standardized and typically specifies **one delivery month/date** (or one designated settlement date), unlike a forward contract which is more customized. Why the others are incorrect: - **A**: A range of delivery dates is more characteristic of forwards. - **C**: Futures have much less counterparty risk because they are exchange-traded and marked to market daily. - **D**: Futures are not only settled at the end; they are marked to market daily. **Correct answer: B**

Author: Manit Arora