This depends on whether it is an „FRA payer“ (the buyer of a contract pays at a fixed rate of the contract and receives a variable reference rate) or an „FRA recipient“ (the buyer of a contract pays at a variable reference rate and obtains a fixed contractual rate). The trading date is when the contract is signed. The fixing date is the date on which the reference price is checked and then compared to the futures price. For the pound sterling, it is the same day as the settlement date, but for all other currencies, it is 2 working days before. If the FRA uses LIBOR, libor-Fix is the official quote of the price for the fixing date. The benchmark rate is published by the established body, which is usually published via Reuters or Bloomberg. Most FRAs use LIBOR for the contract currency for the reference rate at the date of fixing. .