The tenure in money market transactions is from overnight to 12 months, although the most common tenure is three months or less. Hence, the money market is often characterised as the market for short-end debts. In many countries, transactions in the primary and secondary money markets take place over-the-counter (OTC) via electronic telecommunication but some are done in an exchange market. Capital market caters for long-term financial transactions with maturities longer than 12 months. The financial instruments in the capital market vary more than the money market and they include sukuk, bonds, and equities. Transactions in capital market instruments are either exchange traded or OTC. For further details see: ISLAMIC FINANCIAL SYSTEM: Principles and Operations.