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A wholesale market for the buying and selling of money. Money markets normally trade in short term debt instruments with maturities of 12 months or less. Most activity is by banks borrowing and lending to each other and interest rates are often set with reference to the London Interbank Offered Rate (LIBOR). Instruments traded on the money market include banker's acceptances, CDs, repurchase agreements, treasury bills, commercial paper, eurodollar deposits, municipal notes and fed funds.