A time DEPOSIT issued by a BANK to a depositor that pays a fixed or variable INTEREST RATE; in most instances the deposit represents a senior, unsecured LIABILITY of the issuing bank. A CD may be issued onshore or offshore in any one of several currencies, with a final maturity ranging from 1 week to 10 years. Certain CDs (i.e., NEGOTIABLE CDs) can be actively traded in the SECONDARY MARKET. See also FLOATING RATE CERTIFICATE OF DEPOSIT, LOCKUP CERTIFICATE OF DEPOSIT.