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1. Interest rates - benchmark rates - reference rates.

A setting of a benchmark interest rate means a particular tenor and currency of that benchmark rate.

Also known as a Version of the benchmark rate.

2. Interest rates - floating rates - derivative instruments.

The determination of an interest rate for a predetermined future period, by reference to a benchmark rate.

For example, the interest rate for each tranche of interest payable on floating rate debt is set at the start of the interest calculation period.

Taking another example, a forward start swap has its first interest setting and calculation period starting at a future date.

See also