A market for the purchase and sale of Treasury Bill is known as a "Treasury Bill Market'.

Wholesale market is market where the volume of funds or financial assets traded in the market is very large.

Money market is a market purely for short-term funds or financial assets called near money.

(i) The commercial bills is an instrument drawn by a seller of goods on a buyer of goods.
(ii) It possesses the advantages like self-liquidating in nature, recourse to two parties, knowing exact date of transactions, transparency of transactions etc.

(i) Certificate of deposits are short-term deposit instruments issued by banks and financial institutions to raise large sums of money.
(ii) Certificate of Deposits are issued in the form of usance promissory notes.
(iii) The Certificate of Deposit is transferable from one party to another.

(i) Money market is the segment of financial markets where in financial instruments having maturities of less than one year are traded.
(ii) Examples: Treasury Bills, Commercial Bills, Certificate of Deposits, Government securities etc.

The certificate of deposits are available for subscription by individuals, corporations, trusts, associations and NRIs.

The issuers of certificate of deposits are Commercial banks, Financial Institutions, etc.

364 days Treasury bills do not carry any fixed rate of discount. The discount rate on these bills are quoted in auction by the participants and accepted by the authorities. Such a rate is called cut -off rate.

1. Treasury Bills
(i) Treasury bills are very popular and enjoy a higher degree of liquidity since they are issued by the Government.
(ii) A Treasury bill is nothing but a promissory note issued for a specified period stated there in.
(iii) The Government promises to pay the specified amount mentioned there in to the bearer of the instrument on the due date.
(iv) The period does not exceed a period of one year.
2. Commercial bills
(i) A bill of exchange issued by a commercial organization to raise money for short-term needs.
(ii) These bills are of 30 days, 60 days and 90 days maturity.
(iii) The Commercial Bill is an instrument drawn by seller of goods on a buyer of goods.

In India, till 1986, only a few instruments were available. They were as follows:
(i) Treasury Bills in the Treasury Market
(ii) Money at call and short Notice in the call Loan Market
(iii) Commercial Bills and Promissory Notes in the Bill Market
Now in addition to the above, the following new instruments are available:
(i) Commercial Papers
(ii) Certificate of Deposits
(iii) Inter-Bank participation Certificates
(iv) Repo Instruments.

(i) The Commercial Bill is an instrument drawn by a seller of goods on a buyer of goods.
(ii) It possesses the advantages like self-liquidating in nature, recourse to two parties, knowing exact date of transactions, transparency of transactions, etc.