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Money market securities are short-term instruments with an original maturity of less than one year. These securities include Treasury bills, commercial paper, federal funds, repurchase agreements, negotiable certificates of deposit, banker's acceptances, and Eurodollars.

Money market securities are used to "warehouse" funds until needed. The returns earned on these investments are low due to their low risk and high liquidity.

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Q: What characteristics define the money markets?
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