Which of the following is NOT a money market instrument?

Step 1: Define the Problem

Identify which option among the given choices is not considered a money market instrument.

Step 2: Break Down the Problem

Understand the characteristics of money market instruments:

• Money market instruments are short-term debt securities.
• They typically have high liquidity and short maturities (usually less than one year).

Step 3: Apply Relevant Concepts

Common money market instruments include:

• Treasury bills
• Commercial paper
• Certificates of deposit
• Repurchase agreements

Step 4: Analysis, Verify and Summarize

Analyze each option provided in the question to determine if it fits the characteristics of a money market instrument.

Final Answer

The option that does not fit the characteristics of a money market instrument is the correct answer. If the options are not provided, a typical non-money market instrument could be a long-term bond or stock.