22. A forward rate agreement is an over-the-counter derivative instrument which is essentially a forward-starting loan, but
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22. A forward rate agreement is an over-the-counter derivative instrument which is essentially a forward-starting loan, but with no exchange of principal, so the cash exchanged between the counterparties depend only on the difference in interest rates.
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Related Book For 
Measuring And Controlling Interest Rate And Credit Risk
ISBN: 9780471268062
2nd Edition
Authors: Frank J. Fabozzi, Steven V. Mann, Moorad Choudhry
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