1.   A consequence of the lower risk is that many futures exchanges require lower Margins for spreads than for single positions.

2.   The delivery process itself is determined by the futures exchange and involves a sequence of steps that must be completed in a specific order and at specific times.

3.   In view of the near perfect fungibility of financial instruments, modern financial futures exchanges sometimes specify settlement by cash.

4.   The institutional arrangement by which futures exchanges eliminate counterparty risk of default, and preserve the anonymity of dealing, is the establishment of clearing houses.

5.   The need to change the law has been an important source of delay in the establishment of futures exchanges in several countries.

6.   LIFFE was the first pure financial futures exchange to be established outside of North America.

7.   Each new financial futures exchange initially concentrates on local cash market instruments as a basis for its product range.

8.   Given that many futures exchanges are closely regulated either under the FSA or applicable foreign legislation, on-exchange transactions are less regulated than off-exchange contracts.

9.   On UK futures exchanges this is still achieved primarily by the open outcry system, though similar transparency principles are to be found in order matching systems.