FRA vs Interest price, position, settled, long, discount

MeteorShower

Just for confirmation,

FRA - you want the rate to go (being in a long position). Position is PV'd.

Interest Rate Futures - You price on the discount %, and you want the rates to go down (Long Position) - it is settled when at the expiry of the underlying rate...

Thanks

shootingstar

just think of it like going long (buying) or short (Selling) stocks.

long gains when it goes up, short gains when it goes down.

Benjiko

Interest rate futures and forwards, yes you are right. FRA, yes.

How about the yield on T bills? Is it BDY? How about LIBOR? In case of LIBOR future contracts also, Does Long gain when LIBOR go up?