In Eurosystem jargon, liquidity is synonymous with central bank money. This is because cash, a component of central bank money, is legal tender and has the highest degree of liquidity. The term also applies to persons and enterprises. These are deemed liquid when they are able to fulfil their payment obligations at any time. Correspondingly, fixed or financial assets can be categorised according to their degree of liquidity or how readily they can be converted into cash. Logically, then, cash has the highest degree of liquidity. While securities traded in the markets have a lower degree of liquidity than cash, they are much more liquid than real estate owing to the much lengthier process of selling property.