The money market is the [[financial markets|financial market]] for short-term borrowing and lending, typically up to thirteen months. This contrasts with the [[capital market]] for longer-term funds. In the money markets, [[bank]]s lend to and borrow from each other, short-term [[financial instrument]]s such as [[certificate of deposit|certificates of deposits]] (CDs) or enter into agreements such as [[repurchase agreement]]s (repos). It provides short to medium term [[liquidity]] in the [[global financial system]]. Money market [[Derivative (finance)|derivatives]] include [[forward rate agreement]]s (FRAs) and [[Financial future|short-term interest rate futures]].
Trading takes place between banks in the "money centers" ([[New York]] and [[London]] primarily, also [[Chicago]], [[Frankfurt]], [[Paris]], [[Singapore]], [[Hong Kong]], [[Tokyo]], [[Toronto]], [[Sydney]], [[San Francisco]]).