International Monetary Market
The International Monetary Market (IMM) is a division of the CME Group that offers money-market derivatives i.e. interest-rate products with an original maturity of less than 366 days. Unlike longer tenor interest products that pay interest and trade against price, money market instruments (US Treasury bills, Certificates of Deposit, Eurodollar futures, commercial paper) are sold at an original discount and trade in yield terms. The IMM index converts products that trade on yield into a price format. The IMM date is the date of expiration of Eurodollar, FX and Market Agreed Coupon (MAC) Swap futures.