Paquette, Jean-Yves; Stréliski, David - In: Bank of Canada Review 1998 (1998) Spring, pp. 57-71
In this article, the authors identify forward rate agreements, or FRAs, as short-term interest rate guarantee instruments negotiated by two parties, one of which is typically a bank. In outlining the main features of FRAs, the authors contrast them with BAX contracts (futures contracts on...