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In this ViewPoint, we take a closer look at key issues central to the European debate around increasing the resilience of MMFs. We challenge the hypothesis that the Low Volatility Net Asset Value (LVNAV) fund structure is prone to cliff edge risks and we comment on the debate around the calibration and composition of liquidity buffers. We also look beyond the events of March 2020, to the more recent experience of European MMFs, and make a number of recommendations that we believe can help further underpin MMF resilience.

Publication date:
Dec 7, 2022

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Whitepaper

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In light of recent congressional action to advance legislation that would roll back the SEC’s money market fund reforms, it is timely to assess the impact and effectiveness of these reforms. In this ViewPoint, we review the circumstances during the 2008 financial crisis that ultimately led to the SEC’s adoption of MMF reforms and consider the impact of these reforms. We believe the SEC should conduct a study of the effects of MMF reform before determining whether rule changes are necessary or appropriate. A roll back of the rules is not advisable without first studying the effects of MMF reforms and the implications of any potential changes.

Publication date:
Jun 22, 2018

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Whitepaper

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FCA Consultation Paper 28/23: Updating the regime for Money Market Funds

Publication date:
Mar 8, 2024

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Publication

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FCA discussion paper DP22/1: Resilience of Money Market Funds

Publication date:
Jul 22, 2022

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Publication

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SEC - Comments on the Report of the President’s Working Group on Financial Markets: Overview of Recent Events and Potential Reform Options for Money Market Funds

Publication date:
Apr 12, 2021

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Publication