money market instrument

money market instrument
(MMI)
Debt securities, most of which have an original maturity of less than one year. They are transferable, marketable instruments creating and evidencing debt and issued by the borrower. Given the short maturities of the instruments, many of them are discount securities, issued at a discount to par, rather than carrying a coupon. They are also negotiable bearer instruments, that is, paper instruments whose title passes by physical delivery.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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