A standard "fixed for floating" interest rate swap contract is effectively

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A standard "fixed for floating" interest rate swap contract is a series of forward rate agreements, as it involves an agreement between two parties to exchange interest payments based on a fixed rate and a floating rate. The fixed rate is agreed upon at the outset of the contract and remains constant throughout the life of the swap, while the floating rate is based on some reference rate such as LIBOR and is reset periodically. This contract is not a series of call or put options on the interest rate.

A Standard "Fixed for Floating" Interest Rate Swap Contract Is