CHAPTER OUTLINE

CHAPTER OUTLINE
What is a money market?
Money market participants
The United States
The United Kingdom and Japan
Money market instruments
Treasury securities
The primary market
The bidding process, T-bill pricing and
delivery
The secondary market
The United States, the United Kingdom,
Asia
Federal funds
The market
Duration
Terms
Japan, Hong Kong, the United Kingdom
Repurchase agreements
The United States, Japan
Negotiable certificates of deposit
The birth of negotiable certificates here and
abroad, CD pricing
Commercial paper
History of issuance
Growth and marketability
Secondary markets
The United States, other countries
Bankers’ acceptances
Creating a banker’s acceptance
The market
The United States, the United Kingdom
and Japan
Recent trends
Federal funds and repos
Negotiable CDs
Commercial paper
INTERNATIONAL COMPARISONS:
Hong Kong
Japan
Singapore
United Kingdom
United States