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A forward rate agreement (FRA) is an agreement between two parties to exchange a fixed interest payment for a floating interest payment. FRAs are OTC derivatives - forward contracts in which one party (which is referred to as the borrow or buyer) pays a fixed interest rate, and another party receives a floating interest rate equal to a reference rate (the underlying rate). The receiver is also referred to as the lender or seller. The payments are calculated over a notional amount over a certain period and netted - in other words, only the differential is paid on the termination date.


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