Is there a margin requirement for the futures?
Yes they are exchange traded.
yes, but beyond the scope of the exam;
It can be tested in the risk mgt. of credit risk. e.g. futures is safer than OTC forwards due to MTM margin requirement, less counterparty risk…
for the exam, i’m pretty sure that you would get credit for saying futures transactions reduce credit risk given they are exchange traded, thus, are highly regulated. Even the clearinghouses themselves are registered and regulated by the CFTC. That being said, discussing/calculating initial margin, margin maintenance requirements and all the other minutia relating to being exchanged traded are addressed by FINRA in the Series 3 exam, not by CFAI.