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Changing Complexities

In July 2014, the securities and exchange commission (SEC) approved substantial changes to the rules governing money market funds (MMF). As investors adapt to the new regulatory environment, they are re-evaluating their liquidity strategies and considering their investment options.

The new rules will not take effect in a vacuum-quite the contrary. Other global financial regulations, most notably Basel III, will impact the relative attractiveness of MMFs as compared with bank deposits. A new interest rate environment - we currently believe the Federal Reserve (the Fed) will begin tightening sometime in 2015 - will likely change the yields of and the spreads between prime and government MMFs. In the government MMF sector especialy, more-difficult supply/demand dynamics for eligible securities could present new challenges.

Changing Complexities

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Cash & Liquidity Management Series (44 articles)

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