Money market

The money market is a general term for the markets in which banks lend to
and borrow from each other, or trade financial instruments such as
Certificates of Deposit (CDs). The market normally trades in maturities up
to one year. It provides short to medium term liquidity in the global
financial system. Derivatives of the money market include forward rate
agreements (FRAs) and futures.

Trading takes place between banks in the "money centres" (New York and
London primarily, also Chicago, Frankfurt, Singapore, Hong Kong, Tokyo,
Toronto, Sydney).

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