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i.e, When is it decided that a Futures Contract is to be Cash Settled or done through Physical Delivery? Only at the start of the contract (and can't be changed later?) Or in between entering the contract and time to delivery?

P.S: I know it might be a stupid question but I just wish to confirm.

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    $\begingroup$ It cannot be changed, this is one of the characteristics of the contract (like contract size, available maturity dates, hours of trading, margin requirements, price units used, minimum tick size, etc.) that are decided once and for all by the exchange and cannot be changed by the traders. $\endgroup$ – Alex C Mar 21 '18 at 21:45
  • $\begingroup$ @AlexC I do wonder: do futures exist where choice of the method of delivery is an embedded option? $\endgroup$ – Bob Jansen Mar 22 '18 at 10:26
  • $\begingroup$ An option for a futures contract could give you some flexibility though, not precisely the flexibility to which you are referring. There are also some futures contracts that allow the terms to be privately negotiated. I know CME supports this with their EFP contracts though I have never used them so I don't know the extent to which you can get creative with the terms. $\endgroup$ – amdopt Mar 22 '18 at 13:01
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    $\begingroup$ @amdopt EFPs (exchange for physicals) allow participants to trade futures off exchange provided they simultaneously trade a like physical instrument (bond, equity etc). However this does not allow the terms of the futures to be changed. $\endgroup$ – dm63 Mar 23 '18 at 10:54

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