As money became a commodity, the money market became a component of the financial markets for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less. Trading in the money markets is done over the counter, is wholesale. Various instruments like Treasury bills, commercial paper, bankers' acceptances, deposit deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage-backed security|mortgage- and asset-backed securities do exist 1. It provides market liquidity funding for the global financial system. Money markets and capital markets are parts of financial markets. The instruments bear differing maturities, currencies, credit risks, and structure. Therefore they may be used to distribute the exposure 2.
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