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PIRA


An acronym for participating interest rate agreement; an interest rate collar that allows an investor or borrower to mitigate or limit exposure to unfavorable interest rate changes above and below specific levels, while still having an extent of participation in favorable interest rate changes. This off-exchange contract has different notional amounts for the cap option and the floor option. It is similar in structure to a participating forward contract.



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Derivatives have increasingly become very important tools in finance over the last three decades. Many different types of derivatives are now traded actively on ...
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