Paper Market is a basic money market, main including commercial bill of exchange market, promissory note market and other short-term bond market.

票据市场是基础性的货币市场，主要包括商业汇票市场、商业本票市场及其他短期债券市场。

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That includes everything from a mundane money market fund to something as complex as a Madoff-linked bank note.

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On a modestly positive note, Schapiro allows that during the Summer of 2011 market stress, various money market reforms instituted in 2010 seemed to have held up in the face of another spate of heavy redemptions, which were, thankfully, substantially less severe than those of 2008.

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