Therefore, futures contracts are subject to a particular set of rules, which may include, for instance, the size of the contracts and the daily interest rates. In many cases, the execution of futures contracts is guaranteed by a clearing house, making it possible for parties to trade with reduced counterparty risks. Although primitive forms of futures markets were created in Europe during the 17th century, the Dōjima Rice Exchange (Japan) is regarded as the first futures exchange to be established.