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Derivatives

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  • December 12, 2022
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Noon Average Rate Contract

An average rate option or average rate forward contract which is traded in currency markets, where its underlying rate is calculated from the average rate prevailing at midday in the primary market for a respective instrument. Originally, the noon average rate refers to the spot exchange rate of the Bank of Canada that is posted each business day by the central bank at midday.

It is also known as NARC.


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