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Money Market Instruments and Foreign Exchange

Authors:
Moorad Choudhry at University of Kent
Moorad Choudhry
Didier Joannas
Didier Joannas
Didier Joannas
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Gino Landuyt
Gino Landuyt
Gino Landuyt
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Richard Pereira
Richard Pereira
Richard Pereira
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Abstract

Money market securities are debt securities with maturities of up to 12 months. Market issuers include sovereign governments, which issue Treasury bills, corporates issuing commercial paper, and banks issuing bills and certificates of deposit. Investors are attracted to the market because the instruments are highly liquid and carry relatively low credit risk. Investors in the money market include banks, local authorities, corporations, money market investment funds and individuals. However the money market is essentially a wholesale market and the denominations of individual instruments are relatively large.

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