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问题如下：

Which derivative instruments gain in value when the market reference rate increases above the rate fixed?

选项：

A.Only agreements on a long position in forward rates B.Only contracts on a short position in interest rate futures C.Both agreements on a long position in forward rates and contracts on a short position in interest rate futures

解释：

A rise in market rates benefits both long forward rate positions and short futures contracts. Long forwards gain as they lock in a lower purchase rate, while short futures profit from selling high and potentially buying back low. 市场利率的上升使长期远期利率头寸和短期期货合约受益。长远期通过锁定更低的购买利率获益，短期货则通过高价卖出并可能低价买回获利。