Which of the following is NOT a participant in the money market?

The primary focus of the money market is to facilitate the borrowing and lending of short-term funds, typically with maturities of a year or less. Participants in the money market include those institutions and entities that engage in these short-term transactions to manage liquidity and finance their operations.

Commercial banks play a significant role in the money market, as they borrow and lend funds among themselves to meet regulatory reserve requirements and manage day-to-day liquidity. Central banks are also critical participants since they implement monetary policy and provide liquidity to the banking system. Institutional investors, such as mutual funds and pension funds, often invest in money market instruments, such as Treasury bills and commercial paper, to safely manage cash reserves while earning a return.

In contrast, real estate agents do not engage in money market activities. They primarily facilitate real estate transactions and do not typically involve themselves in the short-term borrowing and lending that characterizes the money market. Thus, real estate agents are not considered participants in this specific financial environment.