{"id":1690,"date":"2020-04-14T17:33:00","date_gmt":"2020-04-14T17:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1690"},"modified":"2026-03-30T20:06:15","modified_gmt":"2026-03-30T20:06:15","slug":"define-forward-rate-agreement","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/define-forward-rate-agreement\/","title":{"rendered":"Forward Rate Agreements and their Uses"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses.png\",\n  \"contentUrl\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses.png\",\n  \"caption\": \"Forward Rate Agreements and Their Uses\",\n  \"width\": 974,\n  \"height\": 514,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n\n  \"name\": \"Basics of Derivative Pricing and Valuation (2025 Level I CFA\u00ae Exam \u2013 Derivative \u2013 Module 2)\",\n\n  \"description\": \"This video lesson covers Topic 7 \u2013 Derivatives, Module 2 \u2013 Basics of Derivative Pricing and Valuation, exploring key principles like arbitrage, replication, and risk neutrality in derivative pricing. It differentiates between the value and price of forward and futures contracts, explains the forward contract lifecycle, and analyses monetary and nonmonetary impacts on pricing. The lesson also delves into forward rate agreements, swap contracts, and option valuation, including concepts like put-call parity, binomial models, and the differences between European and American options.\",\n\n  \"uploadDate\": \"2022-06-29T00:00:00+00:00\",\n\n  \"thumbnailUrl\": \"https:\/\/analystprep.com\/path-to-thumbnail\/derivative-pricing-thumbnail.jpg\",\n\n  \"contentUrl\": \"https:\/\/youtu.be\/0Geaej45v7w\",\n\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/0Geaej45v7w\",\n\n  \"duration\": \"PT1H08M27S\",\n\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/analystprep.com\/path-to-logo\/logo.jpg\",\n      \"width\": 600,\n      \"height\": 60\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Two parties enter an agreement to borrow $15 million in 90 days for a period of 180 days at 2.5% interest. Which of the following choices describes the time frame of this FRA?\",\n    \"text\": \"Two parties enter an agreement to borrow $15 million in 90 days for a period of 180 days at 2.5% interest. Which of the following choices describes the time frame of this FRA?\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. The settlement date is in 90 days, and the interest period is 180 days.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/0Geaej45v7w\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  referrerpolicy=\"strict-origin-when-cross-origin\"\n  allowfullscreen>\n<\/iframe>\n\n\n\n<p>A forward rate agreement (FRA) is ideal for an investor or company who would like to lock in an interest rate. They allow participants to make a known interest payment at a later date and receive an unknown interest payment. This helps in protecting investors from volatility in future interest rate movements. By entering into an FRA, the parties agree on an interest rate for a stated period starting on a future date, based on the specified principal amount at the contract initiation.<\/p>\n\n\n\n<div style=\"text-align: center; margin: 24px 0;\">\n  <div style=\"max-width: 680px; margin: 0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display: inline-flex; align-items: center; justify-content: center;\n       width: 100%; padding: 12px 20px;\n       border: 2px solid #1a73e8; border-radius: 999px;\n       color: #1a73e8; text-decoration: none;\n       font-size: 15px; font-weight: 600;\n       line-height: 1.2; white-space: nowrap;\">\n      Practice forward rate agreements and rate locking through our free trial.\n    <\/a>\n  <\/div>\n<\/div>\n\n\n<p>A forward rate agreement buyer enters into the contract to protect himself from any future increase in interest rates. On the other hand, the seller enters into the contract to protect himself from any future decline in interest rates. For example, a German bank and a French bank might enter into a semiannual forward rate agreement contract where the German bank will pay a fixed rate of 4.2% and receive the floating rate on the principal of \u20ac700 million.<\/p>\n<p>Since FRAs are cash-settled on the settlement date \u2013 the start date of the notional loan or deposit \u2013 the interest rate differential between the market rate and the FRA contract rate determines the exposure to each party. It\u2019s important to note that there are no principal cash flows as the principal is a notional amount.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16904\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses.png\" alt=\"\" width=\"974\" height=\"514\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses-300x158.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses-768x405.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/FRA_uses-400x211.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p>FRA contracts are over-the-counter (OTC), meaning that the contract can be structured to meet the user&#8217;s specific needs. In addition, FRA\u2019s are often based on the LIBOR rate, and they represent forward rates, not spot rates. Remember, spot rates are necessary for determining the forward rate, but the spot rate is not equal to the forward rate.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Two parties enter an agreement to borrow $15 million in 90 days for a period of 180 days at 2.5% interest. Which of the following choices describes the time frame of this FRA?<\/p>\n<p>A.\u00a0The settlement date is in 90 days, and the interest period is 180 days<\/p>\n<p>B. The settlement date is in 90 days, and the contract expires in 180 days<\/p>\n<p>C.\u00a0The settlement date is in 90 days,\u00a0and there will\u00a0be reinitiation of the contract every 90 days for 180 days (2 settlements)<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is A.<\/p>\n<p>The party in the long position agrees to borrow $15 million in 90 days (settlement date). Then, it will incur a 2.5% interest rate for the remaining 180 days of the contract.<\/p>\n<\/blockquote>\n\n\n<div style=\"text-align: center; margin: 40px 0;\">\n  <a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 20px; border-radius: 999px; background-color: #1a73e8; color: #ffffff; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\">\n    Start Free Trial \u2192\n  <\/a>\n  <p style=\"font-size: 15px; margin-top: 12px; color: #555;\">\n    Practice forward rate agreements, interest rate exposure, and payoff calculations with CFA Level I questions.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A forward rate agreement (FRA) is ideal for an investor or company who would like to lock in an interest rate. 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