4.13 Forward rates (远期利率) The forward rate is the future zero rate implied by todays term structure(期限结 构) of interest rates It is determined by the current zero rates The forward rate is for a specified future time period Options, Futures, and Other Derivatives, 4th edition@ 2000 by John C. Hull Tang Yincai, C 2003, Shanghai Normal University4.13 Options, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2003, Shanghai Normal University Forward Rates (远期利率) • The forward rate is the future zero rate implied by today’s term structure(期限结 构) of interest rates • It is determined by the current zero rates • The forward rate is for a specified future time period