Unlike their forwards counter-parts, futures contracts are publicly traded, non-customizable (standardized in their specified contract size and settlement procedures) and guaranteed against credit
losses by an intermediary known as a clearing house.
Retail outlets and agencies of one kind and another are another channel increasingly impaired
by changing customer habits,
loss of margin to the publisher, remoteness from end - user customers and, except in relation to specialist
intermediaries, a structural failure and disinclination to deal with subscription - based and electronic products, at least until quite recently.