The interbank market has operated in the past, on its highest levels, as a no-name market. It meant that for the banks at the highest level of international credit quality, foreign transactions between banks could be conducted without discriminating by name. Therefore, they traded among are themselves at no differential credit risk premiums. A major money center bank trading on such a level was said to be trading on-the-run. Thus, on-the-run banks are viewed to have steadfast credit quality. Banks that are not on-the-run are considered to be of less credit quality, sometimes reflecting more country risk than credit risk, and pay slightly higher rates in the interbank market