# Archives

## Variance Swaps

Variance swaps more closely resemble forward contracts – or forward rate agreements (FRAs) – than they do swaps (e.g., plain vanilla interest rate swaps, or equity swaps).  Whereas most swaps have more than one payment, variance swaps (and forwards, and FRAs) have a single payment.  However, given the penchant of finance folks to ascribe inaccurate […]