cityboy

Let's check out what the curriculum said.

"Either futures or forward currency contracts may be used to hedge a portfolio. They differ in several ways. Futures are exchange traded contracts while forwards are over-the-counter (OTC) contracts. Currency forwards are sometimes referred to as currency swaps. Portfolio managers tend to primarily use forward contracts in currency hedging. But forward and futures contracts allow a man- ager to take the same economic position. Therefore, in this reading, the generic term futures will denote both futures and forward (or swap) contracts."

(p. 292)