In the past couple of weeks, however, there have been an increasing number of transactions at longer terms in world money markets, including the Canadian market for bankers' acceptances, and spreads have narrowed somewhat. However, liquidity in money markets is still quite limited in Canada and abroad.
BIS Review 111/2007  5  The situation in money markets contrasts with that in other markets, such as spot foreign exchange and equity markets, where repricing has occurred and market liquidity has returned. These markets are functioning reasonably well.