<|im_start|>user
What is the difference between futures and options?<|im_end|>
<|im_start|>assistant
An option gives the buyer the right, but not the obligation, to buy (or sell) an asset at a specific price at any time during the life of the contract. A futures contract obligates the buyer to purchase a specific asset, and the seller to sell and deliver that asset, at a specific future date.<|im_end|>
