so they can be--the contract can be anything you want.

因此...合同可以按需定制
So, forward contracts are very important but they tend to be less--

远期合约很重要但数量趋于减少
I tend to observe them less

我也越来越少地关注他们
because they don't have this newsworthy character.

因为它们没有太多的可关注性
Everyone's talking about futures prices

如今人们都在谈论期货价格
because everyone knows that is a very well-defined,

因为人们都知道期货价格十分规范
central market, liquid price.

市场集中而且流通性强
The forward contracts are not liquid;

远期合约并不具备流通性
you can't get out of it.

你不可能随时脱手
So if you, as a rice merchant, sold your rice--

因此如果你是米商...
as a rice farmer--you sold your rice forward to a warehouse

如果是农民...你把大米卖到一个仓库
and then you change your mind--you want to get out--

然后你后悔了你想毁约...