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Business Paper
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

That class of COMMERCIAL PAPER which is given in payment of merchandise and discounted by the payee at his or her bank.  Trade acceptances may be classified as business paper.

When such customer's paper meets the standards for eligibility for rediscounting at Federal Reserve banks by member banks of the Governors of the Federal Reserve System, it is ELIGIBLE PAPER.

Commercial paper technically consists also of promissory notes placed in the open money market by business firms and finance companies, the former through commercial paper dealers and the latter directly in recent years.  Money market rate quotations on such paper, usually on the basis of four to six months' maturity, prime, refer to such open market commercial paper.  

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