Which of the following is NOT one of the risks associated with trading futures contracts?

Trading futures contracts involves various risks that traders should be aware of. Market risk is the possibility that the price of the futures contract will move against the trader’s position, which is inherent in all trading activities. Liquidity risk refers to the chance that a trader may not be able to buy or sell a contract quickly enough to prevent a loss. Credit risk is related to the potential default of a counterparty in a transaction, although in the case of futures contracts, this risk is often mitigated by the clearinghouse that guarantees trades.

Equity risk, however, is not a risk specific to futures trading. It relates specifically to the potential for loss due to fluctuations in the stock prices themselves, rather than the contracts based on commodities, indices, or other asset classes that characterize futures contracts. Thus, while equity risk is relevant in stock trading, it does not apply to the risks involved in trading futures contracts, making it the correct choice for the item that is NOT associated with trading futures.