Forwards and Futures instruments

Project description
With reference to relevant academic articles and literature, explain the key differences between Forwards and Futures with reference to the differing objectives of investors that are hedging and investors that are speculating. Based on your investigations, explain which of the Forwards and Futures instruments are likely to be more attractive to each category of investor and why? (Include numerical examples).
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Referencing Requirements:
1- Using references to relevant academic articles and literature.
2- reference to the differing objectives of investors that are hedging and investors that are speculating.