FRAs, or Forward Rate Agreements, are financial contracts used to hedge against future changes in interest rates. There are several synonymous terms for FRAs, such as forward interest rate agreements, forward rate contracts, and forward rate agreements. These agreements are commonly used in the banking and finance sectors to manage interest rate risk and to lock in future interest rates. FRAs are negotiated between two parties based on the expected interest rate at a future date, and the parties agree to exchange settlement payment based on differences between the agreed-upon rate and the actual market rate at that time. Understanding the different synonyms for FRAs is crucial for individuals working in the finance industry.