Each country’s own domestic money market is an over the counter (OTC) wholesale market trading in two main areas:
SECURED CASH | Treasury Bills, Certificates of Deposits (CDs), Commercial Paper (CP), Bankers Acceptances (BAs), Floating Rate Notes (FRNs), and sale and repurchase agreements (Repo’s). |
UNSECURED CASH | Interbank, or Depo markets (STIRS are closely related to Depos) |
Collectively these are known as ‘cash’ markets because real sums of money will actually be debited and credited to respective accounts. Although there are no official definitions as to what constitutes a money market, the majority of all financial instruments will have a maturity of one year, or less.