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loginThe debt market is an important element of the financial system; in fact there are three main sets of financial market instruments: debt, deposits (which is a form of debt) and shares (or equities). The money market and the bond market make up part of the debt market. The bond market is usually seen as the market for long-term marketable debt instruments (called bonds), and the money market as the market for short-term marketable debt instruments, such as commercial paper (CP) and treasury bills (TBs).