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The End or the Beginning for Money Market Funds?

In August 2014, the Securities and Exchange Commission (SEC) in the United States adopted reforms to Rule 2a7 funds (US money market funds - MMFs) with the aim of reducing systematic risk.

Inevitably, these changes have been met with a mixed response, not least due to the uncertainty that will undoubtably continue until full adoption of the reforms in 2016. In reality, however, are these reforms likely to mark the end of the MMF era, or conversely, given the other market and regulatory changes that are taking place in parallel, are we on the brink of a new phase in the growth of MMFs?

Key Points

  • Regulatory impact on Rule 2a7 funds
  • Avoiding early adopter status
  • The European perspective
  • The wider regulatory environment
  • Review and realign
  • The value of forecasting
  • A global approach
  • Change as necessity
  • People as well as policy
  • The death of the deposit

 

Written by

Helen Sanders
Editor
Treasury Management International

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