Forward rate agreements Forward rate agreements (FRA) are over-the-counter contracts between parties that determine the rate of interest to be paid on an agreed-upon date in the future. The notional amount is not exchanged, but rather a cash amount based on the rate differentials and the notional value of the contract. https://www.investopedia.com/terms/f/fra.asp#:~:text=Key%20Takeaways-,Forward%20rate%20agreements%20(FRA)%20are%20over%2Dthe%2Dcounter,notional%20value%20of%20the%20contract. on the other hand the FDA approval that Joe mentioned I don't think sounded like something overly complicated and I would imagine gets approved easily and without any kind of major spend Go FRAZ PCHM G/S