Fixed-Income Securities: Money-Markets & Bonds
This article deals primarily with debt market instruments denominated in US dollars, including Eurodollars. Since most debt markets are similar, the principle instruments described should be similar in most countries in which they are used. Most money-market instruments are not traded through exchanges, but are traded over-the-counter (OTC) in a telephone/electronic network market where dealers or brokers frequently act as direct intermediaries. Money-market instruments usually have such large denominations that they are not accessible to small investors except through mutual funds.