The Global Money Markets

The Global Money Markets is an authoritative, institution-level guide to the structure, instruments, and mechanics of short-term funding markets worldwide. Written by leading experts Frank J. Fabozzi, Steven V. Mann, and Moorad Choudhry, this book provides a comprehensive framework for understanding how liquidity is created, priced, and managed across global financial systems.

Rather than focusing on trading tactics or retail investment strategies, the book examines money markets as the backbone of modern finance. It explains how banks, governments, corporations, and institutional investors use money market instruments to manage cash flows, funding needs, and short-term risk. Readers gain a deep understanding of instruments such as Treasury bills, commercial paper, certificates of deposit, repurchase agreements, and interbank lending products.

A major strength of this work is its emphasis on market mechanics and institutional practice. The authors detail how money markets function under normal conditions and how stress, liquidity shortages, and policy interventions alter pricing and behavior. Central bank operations, regulatory frameworks, and the role of money markets in financial crises are examined with clarity and rigor.

This is not an introductory finance book. It is a core reference for professionals who need to understand short-term interest rate markets, liquidity transmission, and the plumbing of the global financial system. For serious practitioners, The Global Money Markets offers essential insight into how modern finance actually operates beneath the surface.

✅ What You’ll Learn:

• The structure and purpose of global money markets.
• Key money market instruments and how they are priced.
• How short-term interest rates are formed and transmitted.
• The role of central banks in liquidity provision and control.
• Funding, liquidity, and rollover risk in short-term markets.
• How money markets behave during periods of financial stress.
• Institutional practices used by banks and large investors.

💡 Key Benefits:

• Institutional-grade understanding of global liquidity markets.
• Clear explanation of complex money market instruments.
• Enhances risk awareness related to funding and liquidity.
• Essential reference for fixed income and treasury professionals.
• Provides context for financial crises and policy intervention.

👤 Who This Book Is For

• Advanced finance and fixed-income professionals.
• Treasury, risk management, and money market practitioners.
• Institutional investors and portfolio managers.
• Graduate-level finance students seeking real-world market insight.

📚 Table of Contents:

• Money Market Calculations
• U.S. Treasury Bills
• Agency Instruments
• Corporate Obligations: Commercial Paper and Medium-Term Notes
• Debt Obligations of Financial Institutions
• Floating-Rate Securities
• Repurchase and Reverse Repurchase Agreements
• Short-Term Mortgage-Backed Securities
• Short-Term Asset-Backed Securities
• Futures and Forward Rate Agreements
• Swaps and Caps/Floors
• Asset and Liability Management
• Bank Regulatory Capital

The Global Money Markets By Frank J. Fabozzi, Steven V. Mann