397. Another popular type of interest rate derivatives are Forward Rate Agreements (FRAs). When reporting FRAs, the counterparties should report the underlying rate in the fields pertaining to the underlying section (fields 13-16 of the Table 2). Furthermore, the counterparties should pay attention to correctly report the fields "execution timestamp", "effective date", "maturity date" and "settlement date:

398. Execution timestamp should be populated with the relevant date and time when the derivative was concluded by the counterparties and following the specifications in the validation table.

399. Effective date is the date when obligations under the contract come into effect. Unless the obligations between the counterparties are postponed to a future date, this is the same as the date part of the execution timestamp. Effective date is not the settlement date referred to in the FRA documentation.

400. Maturity date is the date agreed by the counterparties when the obligations under the derivative expire. In the case of FRAs, this is the date on which the exposures between the counterparties are extinguished by the determination of the payment covering the difference between the agreed rate and the prevailing market rate. This is not the final date of the underlying rate.

401. Settlement date is the date on which the counterparties settle the underlying. The underlying of a FRA is a forward interest rate and the settlement of the difference between the agreed rate