Money market instruments (IIF) are securities representing short-term (generally less than one year) financial obligations. They can be nominal or indexed.
These instruments are issued to finance an issuer’s short-term financial needs, or to operate as an instrument of monetary policy in the case of the Central Bank. From an investor’s point of view, IIF´s are low-risk, savings alternatives that take advantage of short-term fluctuations in interest rates.
These instruments are traded on Santiago Exchange through the electronic auction system, Telerenta and the Dutch auction system, where offers, bids and allocations are made through the exchange’s trading terminals.
These instruments are settled on the condition of same day T+0, next day T+1 and normal settlement (i.e. two days after the transaction is completed).
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Chile Exchange - Traded Fixed Income Guide