Money market

The part of the financial system where governments, banks, and other institutions borrow and lend short-term funds, usually through highly liquid debt instruments.

Treasury bill: A short-term government debt security sold at a discount and redeemed at face value. Treasury bills are a core government instrument traded in the money market.
Interbank lending market: A market where banks lend funds to one another, often for very short periods. Banks use interbank lending to redistribute temporary surpluses and deficits.
Working capital: The short-term resources available to a business for its daily operations. Companies use money-market borrowing to cover timing gaps in operating cash flows.
Capital market: The part of the financial system where longer-term debt and equity are issued and traded. Its longer investment horizons distinguish it from money-market finance.
2008 financial crisis: A global financial crisis marked by banking failures, collapsing asset values, and severe economic contraction. Freezes in short-term funding markets intensified stress during the crisis.
Commercial paper: An unsecured, short-term promissory note issued by a corporation to finance near-term obligations. Large companies use it to borrow directly for short-term cash needs.
Overnight rate: An interest rate charged on loans whose principal is due the next business day. Overnight rates summarize the cost of a major segment of money-market funding.
Cash management: The planning and control of an organization’s cash inflows, outflows, and liquidity. Treasurers use money markets to invest temporary cash surpluses and meet near-term needs.
Bank loan: A sum of money a bank lends to a borrower under agreed repayment terms. A bilateral bank loan differs from the market-traded instruments often used for short-term funding.
Commercial paper market disruption of 2008: A sharp interruption in commercial-paper issuance and investor funding during the 2008 financial crisis. The disruption showed how firms can lose access to routine short-term finance.

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