 In lieu of customer deposits, banks have increasingly turned to short-term liabilities such as commercial paper (CP), certificates of deposit (CDs), repurchase agreements (repos), swapped foreign exchange liabilities, and brokered deposits.Interest rates in the unsecured interbank lending market serve as reference rates in the pricing of numerous financial instruments such as floating rate notes (FRNs), adjustable-rate mortgages (ARMs), and syndicated loans.These benchmark rates are also commonly used in corporate cashflow analysis as discount rates.