A forward rate agreement $($FRA$)$ is

Question $15$ options:

a$)$

None of the options

b$)$

an exchange agreement to exchange a predetermined fixed rate for a variable rate such as LIBOR, that will be observed in the market at a future time

c$)$

an OTC agreement to exchange a predetermined fixed rate for a variable rate such as LIBOR, that will be observed in the market at a future time.

d$)$

an agreement to exchange a predetermined fixed rate for a fixed rate such as LIBOR, that will be observed in the market at a future time