Differences between U.S. money market instruments and Germany? Solution In contrast to US money market instruments dominated in dolars, the money market fund industry in Germany is mostly based on EUR. The derivatives in Germany are less risky than the U.S. derivatives and volume of the derivatives play is also very less than U.S. The instruments held by the Euro investors in country like Germany has a very less percentage of 46% of investment in shares of the companies. Whereas, the percentage of equity instruments investments in U.S. is much more than Germany and other Euro countries. In comparison with the Commercial Papers (CP) market in the United States, the euro denominated CP market has strong potential for growth in Germany and other Euro countries..