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money-market instrument

    (1) 44any of the following investments:

      1. (a) a debenture which is issued on terms requiring repayment not later than five years from the date of issue;
      1. (b) any government and public security which is issued on terms requiring repayment not later than one year or, if issued by a local authority in the United Kingdom , five years from the date of issue;
      1. (c) a warrant which entitles the holder to subscribe for an investment within (a) or (b);
      1. (d) a certificate representing certain securities or rights to or interests in investments relating, in either case, to an investment within (a) or (b);
      1. (e) an option relating to:
        1. (i) an instrument in (a) or (b); or
        1. (ii) currency of the United Kingdom or of any other country or territory; or
        1. (iii) gold or silver;
      1. (f) a future for the sale of:
        1. (i) an instrument in (a) or (b); or
        1. (ii) currency of the United Kingdom or of any other country or territory; or
        1. (iii) gold or silver;
      1. (g) a contract for differences by reference to fluctuations in:
        1. (i) the value or price of any instrument within any of (a) to (f); or
        1. (ii) currency of the United Kingdom or of any other country or territory; or
        1. (iii) the rate of interest on loans in any such currency or any index of such rates;
      1. (h) an option to acquire or dispose of an instrument within (e), (f) or (g).3

    (2) those classes of financial instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment.44

    [Note: article 4(1)(19) (17)118 of MiFID and article 11 of the MiFID Org Regulation118]