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Forward Rate Agreement

An over-the-counter agreement between two parties to protect themselves against future increases or decreases in interest rates by locking in an interest rate (usually based on LIBOR) for a stated period of time beginning at some future start date based on a specified notional principal amount. The notional amount is not exchanged at maturity, but rather the difference will be paid by the party that gains from the interest rate movement to the party that loses until the agreed rate is reached.


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Portfolio valuation and risk analytics for multi-asset derivatives and fixed income.