In which of the following ways is an interest rate swap different from a series of forward rate agreements (FRAs)? A. The FRAs that replicate an interest rate swap may be off-market contracts. B. The fixed rate is known at initiation for an interest rate swap but not for a series of FRAs. C. An interest rate swap may have a nonzero value at initiation, while FRAs must have a value of zero at initiation.
