What is the difference between the forward and the futures markets

What is the difference between the forward and the futures markets

1. What is the difference between the forward and the futures markets? What are the pros and cons associated with using each one?

2. Explain the difference in the gain and loss potential of a call option and a long futures position. Under what circumstances do you think someone would prefer the option to the future or vice versa?

3. What agency is the chief regulator of futures and options markets? Why is federal regulation necessary?

Please answer each question at least 150-200 words.

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