a 30/360 day count. Note that the actual number of days between these two dates is 15.       DISCOUNT INSTRUMENTS   Many money market instruments are discount securities (e.g. U.S. Trea- sury bills, agency discount notes, and commercial paper). Unlike bonds that pay coupon interest, discount securities are like zero-coupon bonds in that they are sold at a discount from their face value and are redeemed for full face value at maturity. Further, most discount securi- ties use an ACT/360 day count convention. In this section, we discuss how yields on discount securities are quoted, how discount securities are priced, and how the yields on discount securities can be adjusted so that they can be compared to the yields on interest-bearing securities.   EXHIBIT 2.6 Bloomberg Security Description Screen for a Fannie Mae 2-Year Benchmark Note                   Source: Bloomberg Financial Markets     EXHIBIT 2.7 Bloomberg DCX (Days Between Dates) Screen       Source: Bloomberg Financial Markets   Yield on a Bank Discount Basis The convention for quoting bids and offers is different for discount securities from that of coupon-paying bonds. Prices of discount securi- ties are quoted in a special way. Bids and offers of these securities are quoted on a bank discount basis, not on a price basis. The yield on a bank discount basis is computed as follows:   D 360 Yd = ---- ´--------- F t     where