Overnight Lending

Federal Funds
Federal funds are reserve balances that private banks in the U.S. hold at Federal Reserve banks. These funds are used for various types of inter-bank transactions, including lending to other banks that have insufficient reserves.
Wholesale Market Brokers' Association (WMBA)
A trade association for UK brokers operating in the money markets, the WMBA is responsible for providing key indices like SONIA and EURONIA for overnight lending in sterling and euro markets respectively.

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