远期利率协议的中文解释

英文forward rate agreement的缩写，指一种利率衍生工具，合约双方为一项短期投资或贷款预先设定未来一段时间的利率水平。

FRA的英文解释

A forward rate agreement is an interest-rate derivative that allows investors and borrowers to set the interest rate on a short-term investment or loan in advance for a predetermined period. Also known as a FRA, this financialinstrument differs from many others in that it requires no upfront payment: there is simply a one-way payment as the instrument expires, according to the difference between the rate agreed at the outset, and the prevailing rate on "fixing date" (just before the contract expires). Who pays who? If you were the buyer and real rates are higher than the contracted rate, you will be paid the difference between the rates (taking into account the volume specified on the contract, and the length of the FRA). On the other hand, if you were the buyer and real rates fell lower than the agreed rate, you would pay the seller. Some people therefore say an FRA is a bet on rates, with one party being the winner...and the other the loser.

• agreement [ə´gri:mənt]   n.同意；一致；协议   (初中英语单词)
• investment [in´vestmənt]   n.投资；(时间等)投入   (初中英语单词)
• financial [fi´nænʃəl]   a.金融的，财政的   (初中英语单词)
• instrument [´instrumənt]   n.仪器；手段；乐器   (初中英语单词)
• payment [´peimənt]   n.支付；报酬；报偿   (初中英语单词)
• account [ə´kaunt]   vi.说明 vt.认为 n.帐目   (初中英语单词)
• volume [´vɔlju:m, ´vɑljəm]   n.卷；书籍；体积；容量   (初中英语单词)
• therefore [´ðeəfɔ:]   ad.&conj.因此；所以   (初中英语单词)
• seller [´selə]   n.销售者；行销货   (高中英语单词)
• prevailing [pri´veiliŋ]   a.占优势的；主要的   (英语六级单词)
• contracted [kən´træktid]   a.收缩了的；缩略的   (英语六级单词)