This mechanism helps investors negotiate a forward interest rate referenced in dollars without running on separate order books for each Exchange Coupon Future. Despite an individual offer account, FRC transactions are not considered open-position contracts, as they are automatically converted by the B3 system into two other transactions: the first for the first DDI maturity (short end) and the second, conversely, for the duration of a duration identical to that negotiated in the FRC (long end). From the penultimate trading day of the first DDI deadline, the first transaction (short end) is generated at the second DDI deadline, with this deadline maintained until the penultimate trading day, if the process is repeated. The Forward Rate Agreement (FRC) is a structured product that combines trading in two futures contracts on foreign exchange coupons of the opposite nature to expose the investor to an Exchange Coupon term, i.e. from a future date.