EODHD Academy

Money Markets & Rates

The plumbing under every other market — the overnight rate, repo, reference rates, and the short-dated instruments where stress always shows up first.

4 units · 16 lessons · 68 min read · plus hands-on practice, at your pace

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What is the overnight rate, and why does everything hang off it?

The Overnight Rate · 5 min read · practitioner

Start the first lesson

Unit 1 The Overnight Rate

  1. What is the overnight rate, and why does everything hang off it? 5 min
  2. Where does the overnight rate actually live? 3 min
  3. How does a central bank actually enforce its target rate? 4 min
  4. What are open market operations, and what changed after 2008? 4 min
Practice Check · Unit 1 A short check · cannot be failed Start

Unit 2 Repo: The Funding Market

  1. What is a repo, and why does the whole system run on it? 4 min
  2. How do haircuts turn collateral into safety — and into leverage? 4 min
  3. What makes a repo rate spike, and how do funding spreads warn you? 5 min
  4. What happened in the September 2019 repo episode? 4 min
Practice Check · Unit 2 A short check · cannot be failed Start

Unit 3 Reference Rates

  1. What was LIBOR, and why did the world have to replace it? 5 min
  2. How do SOFR and €STR actually work? 4 min
  3. Why is an overnight benchmark harder to use than a term one? 4 min
  4. What did the market lose when the benchmark became risk-free? 4 min
Practice Check · Unit 3 A short check · cannot be failed Start

Unit 4 Short-Term Instruments & Stress Signals

  1. How is a T-bill priced if it never pays a coupon? 5 min
  2. What are commercial paper and certificates of deposit? 4 min
  3. What is a money market fund, and what does "breaking the buck" mean? 4 min
  4. Money markets and rates — course checkpoint 5 min
Practice Check · Unit 4 A short check · cannot be failed Start

Last Course exam

One exam, the whole course Unlocks when you have read all 16 lessons

Passing it earns the course certificate.