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Forward rate agreement

   Also found in: Acronyms, Wikipedia 0.01 sec.
Forward rate agreement (FRA)
Agreement to borrow or lend at a specified future date at an interest rate that is fixed today.

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The taxpayer in the ruling entered into a forward rate agreement and two interest-rate swap agreements, to protect against increases in interest rates and to "lock in" its obligations on a proposed fixed-rate debt instrument.
By mid-June, prices in German credit markets began to reflect an expectation of Bundesbank rate hikes by the autumn of 1996, and forward rate agreement (FRA) rates for three-month Euromark deposits three months out moved sharply higher than cash rates, after having traded in a range roughly equal to or lower than that of cash rates for most of the quarter.
define a forward rate agreement (FRA) and cite specific examples where FRAs may be used
 
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