What Does U.S. Money Market Mutual Fund Reform Portend for the European Union?

White Paper No. 24

Authors:
Craig Lewis,
Christian Schlag
Research Area:
Financial Markets
Date:
Oct 2014
Keywords:
money market funds, liquidity runs, floating net asset value (FNAV)
Abstract:

On 23 July 2014, the U.S. Securities and Exchange Commission (SEC) passed the “Money Market Reform: Amendments to Form PF ,” designed to prevent investor runs on money market mutual funds such as those experienced in institutional prime funds following the bankruptcy of Lehman Brothers. The present article evaluates the reform choices in the U.S. and draws conclusions for the proposed EU regulation of money market funds.

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