| 单词 | Forward rate agreement |
| 释义 | 遠期利率協議 Abbr – FRA An agreement by which the buyer is obliged to ‘purchase’ an agreed interest rate for a specified time period from a specific future settlement date. If the interest rate is higher at the settlement date, the buyer receives the difference between the market interest rate and the agreed interest date. If the rate is lower, the buyer has to pay out the difference. If the buyer of the FRA has an underlying floating rate liability, the risk profile is exactly matched and the buyer neither benefits nor loses, irrespective of rate movements. FRAs are straightforward with just one settlement at the specified time. 簡稱 – FRA。在此等協議下，有關的買方須從指定的未來的交收日期開始的一段指明期間以協定的利率「購買」。如交收日期的利率較高，買家可收取市場利率及已協定利率之間的差價。如利率較低，則買方須繳付該項差價。如FRA中的買方有基礎浮動利率負責，則不論利率的浮動情況，風險指數完全吻合，買方無任何損益。FRA屬直接的協定，於指明的時間內僅有一次交收。 |
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