>Without a futures market, you don't get futures, you get forwards, don't you? Forwards don't have enforcement for when the seller goes bankrupt, which leaves the buyer out any money paid in the forward contract and needing to find another supply at market price. That's my understanding, at least.

Correct. You have an over the counter market with different derivatives.

> Forwards don't have enforcement for when the seller goes bankrupt, which leaves the buyer out any money paid in the forward contract and needing to find another supply at market price. That's my understanding, at least.

You're referring to counter party risk. A futures exchange seeks to eliminate this type of risk with daily settlement of positions, margins, etc.