Market for Short-Term Debt Instruments-negotiable certificates of deposit, Eurodollar certificates of deposit, commercial paper, banker’s acceptances, Treasury bills, and discount notes of the Federal Home Loan Bank, Federal National Mortgage Association, and Federal Farm Credit System, among others. Federal Reserve borrowings between banks, bank borrowings from the Federal Reserve Bank Window, and various forms of repurchase agreements are also elements of the money market. What these instruments have in common are safety and liquidity. The money market operates through dealers, money center banks, and the Open Market Trading Desk at the New York Federal Reserve Bank. New York City is the leading money market, followed by London, and Tokyo. The dealers in the important money markets are in constant communication with each other and with major borrowers and investors to take advantage of arbitrage opportunities, a practice which helps keep prices uniform worldwide.