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　　Forward rate agreements
　　An agreement by a bank to enter into a notional loan or accept a notional deposit from a customer for a specified period of time.The contract is settled based on the difference between the interest rate agreed when the contract is signed and the rate prevailing when the notional loan/deposit is deemed to start.
　　FRAs allow companies to fix,in advance, either a future borrowing rate or a future deposit rate,based on a notional principal amount,over a given period.The settlement is based on the difference on settlement date between:
　　the rate fixed in the contract;
　　the reference interest rate（e.g.LIBOR）.
　　FRAs are therefore cash-settled rather than requiring physical delivery.
　　Buying an FRA–represents taking a notional loan from the bank at a fixed borrowing rate.Hence a company would buy an FRA to hedge against rising interest rates.
　　Selling an FRA–represents making a notional deposit at the bank at a fixed rate.A company would sell an FRA to hedge against falling rates.
 
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