Money Market Instruments

Money-market instruments include commercial paper, certificates of deposit, bank deposits, money-market mutual funds, government bills, repurchase agreements (repos) and short-dated high-grade corporate bonds. Interbank loans were a significant component of the family of money-market instruments but since the global financial crisis and the discrediting of Libor as an interest-rate benchmark, the interbank market has shrunk to a fraction of its previous size.