date. The buyer might be a food-processing company which wishes to fix a price for taking Cross-currency swaps 3 942 4 509 335 337 delivery. The two currencies are not actually exchanged until the value date is reached, but the rate 1.7 17 000 000 14 926 000 2 074 000 to sell the �101 due in two months� time for dollars at a rate of �/$ 1.5. After two months the are flexible and can easily be customized. FRAs are now dealt by banks in a wide range of Table 3.2 Effects of an FRA hedge