Routledge Dictionary of Economics, Second Edition
short-term money market (G1)
A market in financial securities with a life of several months at most based in a major financial centre.
Since 1970, many new markets of this kind have been established in the City of London, New York and European financial capitals. The items traded include CERTIFICATES OF DEPOSIT, TREASURY BILLS, COMMERCIAL BILLS, local authority bills, discount house deposits, local authority deposits, ECUS and SPECIAL DRAWING RIGHTS.
See also: discount market
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