Money Market Instruments and Foreign Exchange

  • Moorad Choudhry
  • Didier Joannas
  • Richard Pereira
  • Rod Pienaar
Part of the Finance and Capital Markets Series book series (FCMS)


Money market securities are debt securities with maturities of up to 12 months. Market issuers include sovereign governments, which issue Treasury bills, corporates issuing commercial paper, and banks issuing bills and certificates of deposit. Investors are attracted to the market because the instruments are highly liquid and carry relatively low credit risk. Investors in the money market include banks, local authorities, corporations, money market investment funds and individuals. However the money market is essentially a wholesale market and the denominations of individual instruments are relatively large.


Foreign Exchange Commercial Bank Money Market Forward Rate Secondary Market 
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Selected Bibliography and References

  1. Roth, P. Mastering Foreign Exchange and Money Markets, FT Prentice Hall, 1996.Google Scholar
  2. Stigum, M. and Robinson, F. Money Market and Bond Calculations, Irwin, 1996.Google Scholar
  3. Walmsley, J. The Foreign Exchange and Money Markets Guide, 2nd edn, Wiley, 2000.Google Scholar

Copyright information

© Moorad Choudhry, Didier Joannas, Richard Pereira and Rod Pienaar 2005

Authors and Affiliations

  • Moorad Choudhry
    • 1
  • Didier Joannas
    • 2
  • Richard Pereira
    • 3
  • Rod Pienaar
    • 4
  1. 1.KBC Financial ProductsUK
  2. 2.Hong KongChina
  3. 3.Nomura plcUK
  4. 4.UBS AGUK

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