SIE (Securities Industry Essentials) Practice Exam

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Which of the following are NOT considered money market securities?

ADRs
Commercial paper
Certificates of deposit
Treasury bills

The correct answer is: ADRs

Non-American Depositary Receipts (ADRs) are off-exchange traded securities that represent ownership in non-US companies. They are not considered money market securities because they do not have a maturity date like the other options (B, C, and D). Commercial paper, certificates of deposit, and treasury bills all have a maturity date, which is a key characteristic of money market securities. Additionally, ADRs are not as highly liquid as the other three options, which further explains why they are not considered money market securities. Therefore, the other options (B, C, and D) are incorrect because they are all considered money market securities.