The call money market has been transformed into a pure inter-bank market, while other money market instruments such as market repo and CBLO have developed to provide avenues to non-banks for managing their short-term liquidity mismatches. The money market has also become more efficient as is reflected in the narrowing of the bid-ask spread in overnight rates.
The abolition of ad hoc Treasury Bills and introduction of Treasury Bills auction have led to the emergence of a risk free rate, which acts as a benchmark for the pricing of other money market instruments.