Mega forces are big, structural changes that affect investing now - and far in the future. This creates major opportunities - and risks - for investors.
Description:
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.
Description:
U.S. housing prices may finally have scraped bottom. We explore when this critical market is likely to recover, offer a roadmap for housing policy and identify investment opportunities.
Description:
In December 2022, the U.S. Securities and Exchange Commission (SEC) proposed four separate rulemakings related to U.S.
equity market structure. This policy spotlight provides a summary of BlackRock’s views on certain key provisions of the proposed rules.
Description:
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.
Description:
This ViewPoint considers the key trends of technological advances and new regulations that have driven changes in equity market structure in recent years. With these in mind, we put forward principles that we believe should inform future regulation and offer a series of recommendations for US and EU market structure.
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