190:(NAV) per share (which is generally $ 1.00 in the United States). They aim to never lose money. The $ 1.00 is maintained through the declaration of dividends to shareholders, typically daily, at an amount equal to the fund's net income. If a fund's NAV drops below $ 1.00, it is said that the fund "broke the buck". For SEC registered money funds, maintaining the $ 1.00 flat NAV is usually accomplished under a provision under Rule 2a-7 of the 40 Act that allows a fund to value its investments at amortized cost rather than market value, provided that certain conditions are maintained. One such condition involves a side-test calculation of the NAV that uses the market value of the fund's investments. The fund's published, amortized value may not exceed this market value by more than 1/2 cent per share, a comparison that is generally made weekly. If the variance does exceed $ 0.005 per share, the fund could be considered to have broken the buck, and regulators may force it into liquidation.
205:
in its portfolio exceeded two years. However, prospective investors were informed that FMDI would invest "solely in Short-Term (30-90 days) MONEY MARKET obligations". Furthermore, the rule restricting the maturities which money market funds are permitted to invest in, Rule 2a-7 of the
Investment Company Act of 1940, was not promulgated until 1983. Prior to the adoption of this rule, a mutual fund had to do little other than present itself as a money market fund, which FMDI did. Seeking higher yield, FMDI had purchased increasingly longer maturity securities, and rising interest rates negatively impacted the value of its portfolio. In order to meet increasing redemptions, the fund was forced to sell a certificate of deposit at a 3% loss, triggering a restatement of its NAV and the first instance of a money market fund "breaking the buck".
853:
year. They would borrow here as they experienced their deepest cash needs over an operating cycle to temporarily finance short-term build ups in inventory and receivables. Or, they moved to this funding market from a former bank revolving line of credit, that was guaranteed to be available to them as they needed it, but had to be cleaned up to a zero balance for at least 60 days out of the year. In these situations the corporations had sufficient other equity and debt financing for all of their regular capital needs. They were however dependent on these sources to be available to them, as needed, on an immediate daily basis.
986:, and improving transparency by requiring money market funds to report additional information to the SEC and to investors. Additionally, stress testing will be required and a key focus will be placed on the funds ability to maintain weekly liquid assets of at least 10%. Finally, the amendments require investment advisers to certain large unregistered liquidity funds, which can have many of the same economic features as money market funds, to provide additional information about those funds to the SEC.
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spending vs. actual ongoing tax receipts. Unquestionably, the private banking industry, bank regulation, the national debt, and ongoing governmental spending politics are substantially interconnected. Interest rates incurred on the national debt is subject to rate setting by the Fed, and inflation (all else being equal) allows today's fixed debt obligation to be paid off in ever cheaper to obtain dollars. The third major bank regulator, designed to swiftly remove failing banks is the
549:
in riskier securities in order to increase their return. Since these high-risk securities can experience large swings in price or even default, ultrashort bond funds, unlike money market funds, do not seek to maintain a stable $ 1.00 NAV and may lose money or dip below the $ 1.00 mark in the short term. Finally, because they invest in lower quality securities, ultrashort bond funds are more susceptible to adverse market conditions such as those brought on by the
668:
1999:
294:, up to a maximum of $ 50 billion. This program only covered assets invested in funds before September 19, and those who sold equities, for example, during the subsequent market crash and parked their assets in money funds, were at risk. The program immediately stabilized the system and stanched the outflows, but drew criticism from banking organizations, including the
357:, and thus a money fund is a "virtual bank": the assets of money funds, while short term, nonetheless typically have maturities of several months, while investors can request redemption at any time, without waiting for obligations to come due. Thus if there is a sudden demand for redemptions, the assets may be liquidated in a
302:, who expected funds to drain out of bank deposits and into newly insured money funds, as these latter would combine higher yields with insurance. The guarantee program ended on September 18, 2009, after one year, with no losses and generated $ 1.2 billion (~$ 1.66 billion in 2023) in revenue from the participation fees.
997:
On June 30, 2017, Regulation (EU) 2017/1131 for money market funds was published in the
Official Journal of the European Union, introducing new rules for MMFs domiciled, managed or marketed in the European Union. This entered into effect in March 2019. The regulation introduces four new categories of
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The SEC is removing the valuation exemption that permitted these funds (whose investors historically have made the heaviest redemptions in times of stress) to maintain a stable NAV, i.e., they will have to transact sales and redemptions as a market value-based or "floating" NAV, rounded to the fourth
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The
Securities and Exchange Commission (SEC) issued final rules that are designed to address money funds’ susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while
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Ultrashort bond funds are mutual funds, similar to money market funds, that, as the name implies, invest in bonds with extremely short maturities. Unlike money market funds, however, there are no restrictions on the quality of the investments they hold. Instead, ultrashort bond funds typically invest
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Institutional money funds are high minimum investment, low expense share classes that are marketed to corporations, governments, or fiduciaries. They are often set up so that money is swept to them overnight from a company's main operating accounts. Large national chains often have many accounts with
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The drop in demand resulted in a "buyers strike", as money funds could not (because of redemptions) or would not (because of fear of redemptions) buy commercial paper, driving yields up dramatically: from around 2% the previous week to 8%, and funds put their money in
Treasuries, driving their yields
204:
The first money market mutual fund to break the buck was First
Multifund for Daily Income (FMDI) in 1978, liquidating and restating NAV at 94 cents per share. An argument has been made that FMDI was not technically a money market fund as, at the time of liquidation, the average maturity of securities
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The EU MMF Regulation does not make any reference to either fund or portfolio external credit rating requirements. Throughout the transition EU MMFs overwhelmingly retained their existing ratings, and the credit rating agencies have confirmed their commitment to the MMF-specific rating criteria they
919:
As the SEC was gridlocked, the
Financial Stability Oversight Council promulgated its own suggested money market reforms and threatens to move forward if the SEC doesn't button it up with an acceptable solution of their own on a timely basis. The SEC has argued vociferously that this is "their area"
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The SEC would normally be the regulator to address the risks to investors taken by money market funds, however to date the SEC has been internally politically gridlocked. The SEC is controlled by five commissioners, no more than three of which may be the same political party. They are also strongly
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A second solution, more focused on money market funds directly, is to re-regulate them to address the common misunderstandings, and to ensure that money market "depositors", who enjoy greater interest rates, thoroughly understand the actual risk they are undertaking. These risks include substantial
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Over time, money market fund "depositors" felt more and more secure, and not really at risk. Likewise, on the other end, corporations saw the attractive interest rates and incredibly easy ability to constantly roll over short term commercial paper. Using rollovers they then funded longer and longer
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On the borrowing end, after 10–20 years, the S&P 500 corporations become extremely accustomed to obtaining funds via these money markets, which are very stable. Initially, perhaps they only borrowed in these markets for a highly seasonal cash needs, being a net borrower for only say 90 days per
451:, but of course these are different products with differing risks (e.g., money fund accounts are not insured and are not deposit accounts). Since Retail funds generally have higher servicing needs and thus expenses than Institutional funds, their yields are generally lower than Institutional funds.
418:
A Government money fund (as of the SEC's July 24, 2014 rule release) is one that invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are "collateralized fully" (i.e., collateralized by cash or government securities). A Treasury fund is a type
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and was offered to investors who were interested in preserving their cash and earning a small rate of return. Several more funds were shortly set up and the market grew significantly over the next few years. Money market funds are credited with popularizing mutual funds in general, which until that
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Standard
Variable NAV VNAV– Standard MMFs must be VNAV funds. Funds are primarily invested in money market instruments, deposits and other short-term assets. Funds are subject to looser liquidity rules than Public Debt CNAV and LVNAV funds AND may invest in assets of much longer maturity. Units in
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Short Term
Variable NAV – Short-term Variable Net Asset Value (VNAV) MMFs are primarily invested in money market instruments, deposits and other MMFs. Funds are subject to looser liquidity rules than Public Debt CNAV and LVNAV funds. Units in the funds are purchased or redeemed at a variable price
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To illustrate the various blending and blurring of functions between classic banking and investing activities at money market funds, a simplified example will help. Imagine only retail "depositors" on one end, and S&P 500 corporations borrowing through the commercial paper market on the other.
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announced an optional program to "insure the holdings of any publicly offered eligible money market mutual fund—both retail and institutional—that pays a fee to participate in the program". The insurance guaranteed that if a covered fund had broken the buck, it would have been restored to $ 1 NAV.
973:
The SEC is giving money fund boards of directors the discretion whether to impose a liquidity fee if a fund's weekly liquidity level falls below the required regulatory threshold, and/or to suspend redemptions temporarily, i.e., to "gate" funds, under the same circumstances. These amendments will
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The
Community Bankers US Government Fund broke the buck in 1994, paying investors 96 cents per share. This was only the second failure in the then 23-year history of money funds and there were no further failures for 14 years. The fund had invested a large percentage of its assets into adjustable
825:
To many retail investors, money market funds are confusingly similar to traditional bank demand deposits. Virtually all large money market funds offer check writing, ACH transfers, wiring of funds, associated debit and credit cards, detailed monthly statements of all cash transactions, copies of
793:
banks, and controls the overall supply of money in the United States. The OCC is housed within the
Treasury Department, which in turn manages the issuance and maintenance of the multi-trillion dollar debt of the US government. The overall debt is of course connected to ongoing federal government
200:
While money market funds are typically managed in a fairly safe manner, there would have been many more failures over this period if the companies offering the money market funds had not stepped in when necessary to support their fund (by way of infusing capital to reimburse security losses) and
617:
In general, the NAV will stay close to $ 1, but is expected to fluctuate above and below, and will break the buck more often. Different managers place different emphases on risk versus return in enhanced cash – some consider preservation of principal as paramount, and thus take few risks, while
817:
their main regulator, the SEC, has zero mandate to control the supply of money, limit the overall extension of credit, mitigate against boom and bust cycles, etc. The SEC's focus remains on adequate disclosure of risk, and honesty and integrity in financial reporting and trading markets. After
269:
as a result of the Lehman Brothers bankruptcy and other pending financial troubles caused significant redemptions from money funds in general, as investors redeemed their holdings and funds were forced to liquidate assets or impose limits on redemptions. Through Wednesday, September 17, prime
776:
It has long been understood that regulation around the extension of credit requires substantial levels of integrity throughout the system. To the extent regulation can help insure that base levels of integrity persist throughout the chain, from borrower to lender, and it curtails the overall
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is actually in the individual's account. With net asset values reported flat at $ 1.00, despite the market value variance of the actual underlying assets, an impression of rock solid stability is maintained. To help maintain this impression, money market fund managers frequently forgo being
400:
In the United States, the fund industry and its largest trade organization, the Investment Company Institute, generally categorize money funds into the type of investment strategy: Prime, Treasury or Tax-exempt as well as distribution channel/investor: Institutional or Retail.
1146:
Journal of Economic Perspectives (May, 2008)(arguing that investment banks reliance on commercial paper and repo markets had increased over the last 3 years. This reliance is seen in the fact that 25% of assets purchased by investment banks had been funded through the repo
166:
were near zero for an extended period of time. To search for higher yields from these low rates in bank deposits, investors used money market funds for short-term deposits instead. However, several money market funds fell off short of their stable value in 2001 due to the
50:. Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. Although they are not insured against loss, actual losses have been quite rare in practice.
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Although the starting products were similar, there are now considerable differences between US and EU MMFs. Whilst EU MMF investors mostly moved to successor fund types, investors in US MMFs undertook a huge and persisting switch from Prime into Government MMF.
463:
Recent total net assets for the US Fund industry are as follows: total net assets $ 2.6 trillion: $ 1.4 trillion in Prime money funds, $ 907 billion in Treasury money funds, $ 257 billion in Tax-exempt. Total Institutional assets outweigh Retail by roughly 2:1.
798:, a bailout fund and resolution authority that can eliminate banks that are failing, with minimum disruption to the banking industry itself. They also help ensure depositors continue to do business with banks after such failures by insuring their deposits.
384:
reports statistics on money funds weekly as part of its mutual fund statistics, as part of its industry statistics, including total assets and net flows, both for institutional and retail funds. It also provides annual reports in the ICI Fact Book.
974:
require all non-government money funds to impose a liquidity fee if the fund's weekly liquidity level falls below a designated threshold, unless the fund's board determines that imposing such a fee is not in the best interests of the fund.
868:
In the wake of the crisis two solutions have been proposed. One, repeatedly supported over the long term by the GAO and others is to consolidate the US financial industry regulators. A step along this line has been the creation of the
1006:
Low Volatility Net Asset Value (LVNAV) MMFs are short-term MMFs. Funds around are purchased or redeemed at a constant price so long as the value of the underlying assets do not deviate by more than 0.2% (20bit/s) from par (i.e.
540:, but often with higher minimum balance requirements and limited transactions. A money market account may refer to a money market mutual fund, a bank money market deposit account (MMDA) or a brokerage sweep free credit balance.
780:
In the 1970s, money market funds began disintermediating banks from their classic interposition between savers and borrowers. The funds provided a more direct link, with less overhead. Large banks are regulated by the
409:
A fund that invests generally in variable-rate debt and commercial paper of corporations and securities of the US government and agencies. Can be considered of any money fund that is not a Treasury or Tax-exempt fund.
201:
avoid having the funds break the buck. This was done because the expected cost to the business from allowing the fund value to drop—in lost customers and reputation—was greater than the amount needed to bail it out.
1002:
Public Debt Constant Net Asset Value (CNAV) MMFs are short-term MMFs. Funds must invest 99.5% in government assets. Units in the fund are purchased or redeemed at a constant price rounded to the nearest percentage
773:, emergency need for substantial external propping up, etc. revealed that the US regulatory system covering the basic extension of credit has had substantial flaws that in hindsight date back at least two decades.
912:
enmeshed with the current mutual fund industry, and are largely divorced from traditional banking industry regulation. As such, the SEC is not concerned over overall credit extension, money supply, or bringing
220:
No further failures occurred until September 2008, a month that saw tumultuous events for money funds. However, as noted above, other failures were only averted by infusions of capital from the fund sponsors.
621:
The purpose of enhanced cash funds is not to replace money markets, but to fit in the continuum between cash and bonds – to provide a higher yielding investment for more permanent cash. That is, within one's
454:
SEC rule amendments released July 24, 2014, have 'improved' the definition of a Retail money fund to be one that has policies and procedures reasonably designed to limit its shareholders to natural persons.
877:
issues that have in the past, as amply illustrated by the money market fund crisis above, fallen neatly between the cracks of the standing isolated financial regulators. Proposals to merge the SEC and
618:
others see these as more bond-like, and an opportunity to increase yield without necessarily preserving principal. These are typically available only to institutional investors, not retail investors.
646:
There are also funds which are billed as "money market funds", but are not 2a-7 funds (do not meet the requirements of the rule). In addition to 2a-7 eligible securities, these funds invest in
392:
of nearly US$ 2.7 trillion. Of this $ 2.7 trillion, retail money market funds had $ 940 billion in Assets Under Management (AUM). Institutional funds had $ 1.75 trillion under management.
427:
The fund invests primarily in obligations of state and local jurisdictions ("municipal securities") generally exempt from US Federal Income Tax (and to some extent state income taxes).
1702:
494:
The largest money market mutual fund is Vanguard Federal Money Market Fund (Nasdaq:VMFXX), with assets exceeding US$ 120 billion. The largest retail money fund providers include:
585:
Enhanced cash funds will typically invest some of their portfolio in the same assets as money market funds, but others in riskier, higher yielding, less liquid assets such as:
171:, in which several Japanese funds had invested, and investors fled into government-insured bank accounts. Since then the total value of money markets have remained low.
159:
from paying interest and capped the rate of interest on other types of bank accounts at 5.25%. Thus, money market funds were created as a substitute for bank accounts.
93:. Rule 2a-7 of the act restricts the quality, maturity and diversity of investments by money market funds. Under this act, a money fund mainly buys the highest rated
982:
In addition, the SEC is adopting amendments designed to make money market funds more resilient by increasing the diversification of their portfolios, enhancing their
1724:
1388:"Bailout of Money Funds Seems to Stanch Outflow: Fear That Had Gripped $ 3.4 Trillion Market Abates, Ending the Reluctance of Funds to Buy Vital Commercial Paper"
1770:
2130:
831:
reimbursed legitimate fund expenses, or cut their management fee, on an ad hoc and informal basis, to maintain that solid appearance of stability.
2043:
1643:
892:
One solution is to report to money market "depositors" the actual, floating net asset value. This disclosure has come under strong opposition by
2038:
2023:
174:
Money market funds in Europe have always had much lower levels of investments capital than in the United States or Japan. Regulations in the
849:
After 10–20 years of stability the "depositors" here assume safety, and move all cash to money markets, enjoying the higher interest rates.
2028:
1015:
the funds are purchased or redeemed at a variable price calculated to the equivalent of at least four significant figures (e.g. 10,000.00).
311:
1903:
786:
444:
Retail money funds are offered primarily to individuals. Retail money market funds hold roughly 33% of all money market fund assets.
436:
banks all across the country, but electronically pull a majority of funds on deposit with them to a concentrated money market fund.
295:
278:
471:
Prime Money Market Fund, with over US$ 100 billion in assets. Among the largest companies offering institutional money funds are
239:
and large-scale funding of foreign banks' short-term US-denominated debt put the funds in a pivotal position in the marketplace.
86:
732:
1680:
1574:
1563:. Tables 37-39, Pages 170-172. Note: Data for funds that invest primarily in other mutual funds were excluded from the series.
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1179:
870:
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283:
235:
Money market funds increasingly became important to the wholesale money market leading up to the crisis. Their purchases of
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A deconstruction of the September 2008 events around money market funds, and the resulting fear, panic, contagion, classic
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1309:
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1807:
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The week of September 15–19, 2008, was very turbulent for money funds and a key part of financial markets seizing up.
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1209:
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In parallel with the US Reform, the EU completed drafting of a similar regulation for the money market fund product.
751:
550:
326:: if companies cannot issue new debt to repay maturing debt, and do not have cash on hand to pay it back, they will
1027:
A major difference in scope is that, on a like-for-like basis, US MMFs may be compared only to EU short-term MMFs.
718:
1599:
1332:
654:), which are similarly liquid and stable to 2a-7 eligible securities, but are not allowed under the regulations.
194:
1896:
1725:"Bank of America shutting $ 12 billion cash fund: Cash withdrawals halted; investor redemptions paid 'in kind'"
1600:"Vanguard Money Market Reserves Federal Money Market Fund (VMFXX) Mutual Fund Price & Performance - Nasdaq"
689:
230:
90:
54:
700:
2301:
639:
Long-term bonds and other non-cash long-term investments – least liquid and most risky, but highest yielding.
610:
598:
369:
365:
251:
801:
From the outset, money market funds fell under the jurisdiction of the SEC as they appeared to be more like
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similar to money market funds, in that they aim to provide liquidity and principal preservation, but which:
2179:
1959:
1531:
381:
299:
258:. On Tuesday, September 16, The Reserve Primary Fund broke the buck when its shares fell to 97 cents after
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the domain of the bankers). Although money market funds are quite close to and are often accounted for as
209:
rate securities. As interest rates increased, these floating rate securities lost value. This fund was an
291:
1461:
1412:
865:
depositor on the other, with some substantial obfuscation as to what is ultimately going on in between.
1862:
1651:
178:
have always encouraged investors to use banks rather than money market funds for short-term deposits.
2225:
1889:
372:. As a result of the events, the Reserve Fund liquidated, paying shareholders 99.1 cents per share.
270:
institutional funds saw substantial redemptions. Retail funds saw net inflows of $ 4 billion, for a
905:
604:
354:
1116:
2286:
2276:
2125:
920:
and FSOC should back off and let them handle it, a viewpoint shared by four former SEC chairmen,
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127:
and other money funds. Money market securities must be highly liquid and of the highest quality.
2322:
2271:
2115:
1617:
1437:
725:
1345:
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interconnectedness between and among money market participants, and various other substantial
2327:
2220:
2048:
1239:
1056:
913:
782:
484:
322:, preventing companies from rolling over their short-term debt, potentially causing an acute
236:
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1876:
1327:
2296:
2169:
893:
651:
520:
503:
495:
266:
144:
120:
106:
20:
1486:
57:, and in Europe under Regulation 2017/1131, money market funds are important providers of
8:
2210:
2200:
2064:
1964:
1363:
1314:
857:
term obligations via the money markets. This expands credit. It's also over time clearly
480:
476:
271:
163:
19:
This article is about the type of mutual fund. For the type of bank deposit account, see
2205:
1304:
1184:
1158:
897:
643:
Enhanced cash funds were developed due to low spreads in traditional cash equivalents.
572:
Invest in a wider variety of assets, and do not meet the restrictions of SEC Rule 2a-7;
499:
112:
98:
1831:
1510:
1168:, Securities and Exchange Commission, pp. Release No. IC–28807, File No. S7–11–09
2230:
2100:
2084:
1973:
1279:
1275:
1205:
1061:
327:
140:
1794:
Securities and Exchange Commission: Money Market Fund Reform; Amendments to Form PF
1578:
1387:
777:
extension of credit to reasonable levels, episodic financial crisis may be averted.
197:, only three money funds had broken the buck in the 37-year history of money funds.
2018:
1795:
1267:
1076:
1011:
calculated to the equivalent of at least four significant figures (e.g. 10,000.00).
623:
343:
319:
116:
101:(WAM) of 60 days or less and not invest more than 5% in any one issuer, except for
47:
1308:, September 29, 1996 accessed June 13, 2011 and Deborah Brewster and Joanna Chung
2281:
2250:
2174:
2110:
1969:
1912:
1199:
929:
537:
448:
287:
187:
151:
Money market funds in the United States created a solution to the limitations of
102:
1870:
The Guide to Rule 2a-7: A Map Through the Maze for the Money Market Professional
2291:
2105:
2079:
1240:"Global Financial Stability Report: Sovereigns, Funding and Systemic Liquidity"
983:
941:
921:
468:
388:
At the end of 2011, there were 632 money market funds in operation, with total
335:
175:
124:
78:
2316:
2162:
2053:
1863:
Definition of a Money Market Fund and Difference Between Money Market Account
1071:
886:
874:
419:
of government money fund that invests in US Treasury Bills, Bonds and Notes.
323:
168:
136:
82:
43:
1681:"Paul Reisz Discusses Cash Investing and the Impact of Recent Market Events"
334:. Thus there was concern that the run could cause extensive bankruptcies, a
2255:
2215:
2120:
1977:
1572:
The Investment Company Institute, Money Market Fund Assets, July 24, 2014.
1560:
1511:"Treasury Announces Expiration of Guarantee Program for Money Market Funds"
1051:
1046:
152:
2157:
2033:
1095:
1041:
937:
933:
925:
842:
Extremely broad diversification (hundreds, if not thousands of positions)
74:
70:
35:
947:
2195:
2013:
1984:
1933:
1066:
692: in this section. Unsourced material may be challenged and removed.
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331:
255:
39:
1603:
1938:
1036:
901:
565:
472:
358:
339:
259:
58:
1998:
667:
1881:
1771:"First take: Ten key points form the SEC's final money market rule"
770:
534:
488:
315:
290:. The guarantee was backed by assets of the Treasury Department's
97:, which matures in under 13 months. The portfolio must maintain a
960:
Floating NAV required of institutional non-government money funds
286:, in that it insured deposit-like holdings and sought to prevent
1749:"Ex-SEC officials to U.S. risk council: Back off on money funds"
1857:
1832:"New MMF types - Institutional Money Market Funds Association"
1618:"Ultra-Short Bond Funds: Know Where You're Parking Your Money"
1532:"Additional Information Regarding Primary Fund-In Liquidation"
916:
under the regulatory umbrella of effective credit regulation.
626:, one has a continuum between cash and long-term investments:
364:
An earlier crisis occurred in 2007–2008, where the demand for
657:
389:
1462:"Treasury Announces Guaranty Program for Money Market Funds"
1270:(2010). "12 - Banking Industry: Structure and Competition".
318:
on money funds: the redemptions caused a drop in demand for
1644:"Investing Cash: Money Market and Enhanced Cash Strategies"
533:. These bank accounts offer higher yields than traditional
94:
69:
Money market funds seek to limit exposure to losses due to
525:
Banks in the United States offer savings and money market
143:
established the first money market fund. It was named the
310:
The crisis, which eventually became the catalyst for the
1703:"Institutions pull $ 600 mln from loss-stricken GE fund"
1575:"ICI - Release: Money Market Fund Assets, July 24, 2014"
1096:"U.S. Securities and Exchange Commission on Money Funds"
274:
from all funds of $ 169 billion to $ 3.4 trillion (5%).
1776:. PwC Financial Services Regulatory Practice. July 2014
1385:
413:
1272:
The Economics of Money, Banking and Financial Markets
948:
US Reform: SEC Rule Amendments released July 24, 2014
630:
Cash – most liquid and least risky, but low yielding;
1413:"Reserve Primary Money Fund Falls Below $ 1 a Share"
1144:
Deciphering the 2007-08 Liquidity and Credit Crunch,
447:
Fund yields are typically somewhat higher than bank
805:(most similar to traditional stocks and bonds) vs.
1410:
1166:Securities and Exchange Commission: Proposed Rules
953:preserving, as much as possible, their benefits.
818:adequate disclosure, the SEC adopts a hands off,
2314:
1796:https://www.sec.gov/rules/final/2014/33-9616.pdf
1359:"Fear of money market funds 'breaking the buck'"
1310:"Fear of money market funds 'breaking the buck'"
1266:
826:canceled checks, etc. This makes it appear that
789:. Notably, the Fed is itself owned by the large
395:
353:This is a bank run in the sense that there is a
330:on their obligations, and may have to file for
217:, thus individuals were not directly affected.
1386:Gullapalli, Diya; Shefali Anand (2008-09-20).
529:, but these should not be confused with money
1897:
1674:
1672:
1670:
1668:
1480:
1478:
1348:, December 29, 1982 accessed August 13, 2011.
210:
193:Buck breaking has rarely happened. Up to the
1638:
1636:
1634:
1431:
1429:
1367:, September 18, 2011 accessed June 13, 2011.
1318:, September 18, 2011 accessed June 13, 2011.
1234:
1232:
1230:
1228:
467:The largest institutional money fund is the
312:Emergency Economic Stabilization Act of 2008
1487:"Rescue Plan for Funds Will Come at a Cost"
1346:"Administrative Proceeding File No. 3-5881"
1201:The Rise of Mutual Funds: An Insider's View
1180:"Overnight Mutual Funds for Surplus Assets"
430:
1904:
1890:
1743:
1741:
1665:
1475:
1438:"Treasury to Guarantee Money Market Funds"
1381:
1379:
1377:
1375:
1373:
1188:, January 7, 1973. Accessed June 22, 2010.
839:Extremely short duration (60 days or less)
658:Systemic risk and global regulatory reform
277:In response, on Friday, September 19, the
115:in which money markets may invest include
1696:
1694:
1631:
1484:
1435:
1426:
1225:
787:Office of the Comptroller of the Currency
752:Learn how and when to remove this message
53:Regulated in the United States under the
1336:, October 1981 accessed August 13, 2011.
1157:Murphy, Elizabeth, ed. (June 30, 2009),
543:
514:
422:
296:Independent Community Bankers of America
1738:
1370:
1204:. Oxford University Press. p. 82.
989:
764:
2315:
1700:
1691:
1556:
1554:
1552:
1333:Changing Times, The Kiplinger Magazine
1300:Insurance for Funds: Safety for Whom"
1156:
1150:
581:Do not aim as strongly for stable NAV.
556:
509:
368:dropped, causing the collapse of some
214:
1885:
1678:
871:Financial Stability Oversight Council
796:Federal Deposit Insurance Corporation
162:In the 1990s, bank interest rates in
1911:
1722:
1247:World Economic and Financial Surveys
1197:
690:adding citations to reliable sources
661:
439:
181:
1549:
458:
414:Government and Treasury money funds
404:
13:
1701:Hinton, Christopher (2007-11-15).
1485:Henriques, Diana B. (2008-09-19).
1436:Henriques, Diana B. (2008-09-19).
1357:Deborah Brewster and Joanna Chung
1328:"Is your Money Market Fund Safe?"
1198:Fink, Matthew (October 27, 2008).
956:There are several key components:
595:Foreign currency–denominated debt;
338:spiral, and serious damage to the
87:Securities and Exchange Commission
14:
2344:
1877:How to invest in the money market
1851:
1679:Reisz, Paul W. (September 2008).
1561:2012 INVESTMENT COMPANY FACT BOOK
1513:. Treasury Department. 2009-09-18
1464:. Treasury Department. 2008-09-19
1411:Christopher Condon (2008-09-16).
633:Money markets / cash equivalents;
224:
186:Money market funds seek a stable
81:risks. Money market funds in the
1997:
1117:"Money market funds - Consilium"
965:decimal place (e.g., $ 1.0000).
936:, and two former commissioners,
666:
262:debt issued by Lehman Brothers.
148:time, were not widely utilized.
38:that invests in short-term debt
1824:
1800:
1788:
1763:
1716:
1610:
1592:
1566:
1524:
1503:
1454:
1404:
1351:
1339:
1321:
677:needs additional citations for
361:, depressing their sale price.
282:The program was similar to the
250:On Monday, September 15, 2008,
155:, which at the time prohibited
1298:See for instance Gould, Carol
1292:
1260:
1191:
1172:
1133:
1109:
1088:
611:Structured investment vehicles
370:structured investment vehicles
91:Investment Company Act of 1940
64:
55:Investment Company Act of 1940
1:
2302:Money-weighted rate of return
1723:Barr, Alistair (2007-12-10).
1082:
599:Asset-backed commercial paper
551:financial crisis of 2007–2010
396:Types and size of money funds
375:
366:asset-backed commercial paper
279:US Department of the Treasury
252:Lehman Brothers Holdings Inc.
61:to financial intermediaries.
2180:Real estate investment trust
1960:Real estate investment trust
1650:. April 2006. Archived from
845:Very high grade investments.
382:Investment Company Institute
300:American Bankers Association
7:
1030:
998:fund structures for MMFs:
305:
292:Exchange Stabilization Fund
10:
2349:
1974:Mezzanine investment funds
1808:"L_2017169EN.01000801.xml"
1159:"Money Market Fund Reform"
605:Mortgage-backed securities
518:
314:, almost developed into a
231:2007–2008 financial crisis
228:
130:
18:
2264:
2243:
2226:Sovereign investment fund
2188:
2150:
2143:
2093:
2072:
2062:
2006:
1995:
1952:
1926:
1919:
861:on one end, funded by an
245:
99:weighted average maturity
2333:Subprime mortgage crisis
1178:Hershey, Robert D., Jr.
431:Institutional money fund
211:institutional money fund
32:money market mutual fund
2287:Assets under management
2277:Traditional investments
2272:Alternative investments
1751:. Reuters. Feb 21, 2013
1392:The Wall Street Journal
1121:www.consilium.europa.eu
835:The depositors assume:
575:Aim for higher returns;
237:asset-backed securities
157:demand deposit accounts
2101:Long/short equity fund
1867:Joan Ohlbaum Swirsky,
1142:Markus K. Brunnermeir,
906:US Chamber of Commerce
355:mismatch in maturities
2244:By measure of returns
2221:Sovereign wealth fund
2049:Asset allocation fund
1620:. SEC.gov. 2009-05-06
1249:: 65–83. October 2010
1098:. Sec.gov. 2013-01-16
1057:Shadow banking system
881:have also been made.
783:Federal Reserve Board
652:repurchase agreements
544:Ultrashort bond funds
515:Money market accounts
423:Tax-exempt money fund
195:2008 financial crisis
121:repurchase agreements
107:repurchase agreements
103:government securities
85:are regulated by the
2297:Time-weighted return
2170:Exchange-traded fund
2126:Managed futures fund
1970:Venture capital fund
1537:. September 23, 2014
990:EU regulatory reform
894:Fidelity Investments
820:let the buyer beware
765:US regulatory reform
686:improve this article
578:Have less liquidity;
521:Money market account
21:Money market account
16:Open-end mutual fund
2201:Private equity fund
2131:Multi-strategy fund
2106:Market neutral fund
2065:investment strategy
1965:Private equity fund
1364:The Financial Times
1315:The Financial Times
908:as well as others.
859:long-term borrowing
701:"Money market fund"
562:Enhanced cash funds
557:Enhanced cash funds
510:Similar investments
479:, Bank of America,
477:Federated Investors
272:net capital outflow
169:bankruptcy of Enron
2206:Pooled income fund
1491:The New York Times
1442:The New York Times
1305:The New York Times
1185:The New York Times
898:The Vanguard Group
807:deposits and loans
589:Lower-rated bonds;
2310:
2309:
2239:
2238:
2231:Urban wealth fund
2166:
2139:
2138:
2121:Global macro fund
2116:Event-driven fund
2085:Stable value fund
1993:
1992:
1981:
1944:Money market fund
1812:eur-lex.europa.eu
1276:Pearson Education
1062:Stable value fund
762:
761:
754:
736:
475:, Western Asset,
440:Retail money fund
215:retail money fund
182:Breaking the buck
141:Henry B. R. Brown
44:US Treasury bills
34:) is an open-end
28:money market fund
2340:
2160:
2148:
2147:
2070:
2069:
2019:Target date fund
2001:
1967:
1924:
1923:
1913:Investment funds
1906:
1899:
1892:
1883:
1882:
1846:
1845:
1843:
1842:
1828:
1822:
1821:
1819:
1818:
1804:
1798:
1792:
1786:
1785:
1783:
1781:
1775:
1767:
1761:
1760:
1758:
1756:
1745:
1736:
1735:
1733:
1732:
1720:
1714:
1713:
1711:
1710:
1698:
1689:
1688:
1676:
1663:
1662:
1660:
1659:
1640:
1629:
1628:
1626:
1625:
1614:
1608:
1607:
1602:. Archived from
1596:
1590:
1589:
1587:
1586:
1577:. Archived from
1570:
1564:
1558:
1547:
1546:
1544:
1542:
1536:
1528:
1522:
1521:
1519:
1518:
1507:
1501:
1500:
1498:
1497:
1482:
1473:
1472:
1470:
1469:
1458:
1452:
1451:
1449:
1448:
1433:
1424:
1423:
1421:
1420:
1408:
1402:
1401:
1399:
1398:
1383:
1368:
1355:
1349:
1343:
1337:
1325:
1319:
1296:
1290:
1289:
1274:(9th ed.).
1268:Frederic Mishkin
1264:
1258:
1257:
1255:
1254:
1244:
1236:
1223:
1222:
1220:
1218:
1195:
1189:
1176:
1170:
1169:
1163:
1154:
1148:
1137:
1131:
1130:
1128:
1127:
1113:
1107:
1106:
1104:
1103:
1092:
1077:Target date fund
978:Other provisions
815:cash equivalents
811:cash equivalents
757:
750:
746:
743:
737:
735:
694:
670:
662:
624:asset allocation
592:Longer maturity;
538:savings accounts
527:deposit accounts
459:Money fund sizes
449:savings accounts
405:Prime money fund
344:Great Depression
324:liquidity crisis
320:commercial paper
288:runs on the bank
267:investor anxiety
117:commercial paper
89:(SEC) under the
48:commercial paper
2348:
2347:
2343:
2342:
2341:
2339:
2338:
2337:
2313:
2312:
2311:
2306:
2282:Net asset value
2260:
2251:Absolute return
2235:
2184:
2175:Closed-end fund
2135:
2089:
2058:
2002:
1989:
1948:
1915:
1910:
1873:(3rd ed., 2017)
1854:
1849:
1840:
1838:
1830:
1829:
1825:
1816:
1814:
1806:
1805:
1801:
1793:
1789:
1779:
1777:
1773:
1769:
1768:
1764:
1754:
1752:
1747:
1746:
1739:
1730:
1728:
1721:
1717:
1708:
1706:
1699:
1692:
1677:
1666:
1657:
1655:
1642:
1641:
1632:
1623:
1621:
1616:
1615:
1611:
1598:
1597:
1593:
1584:
1582:
1573:
1571:
1567:
1559:
1550:
1540:
1538:
1534:
1530:
1529:
1525:
1516:
1514:
1509:
1508:
1504:
1495:
1493:
1483:
1476:
1467:
1465:
1460:
1459:
1455:
1446:
1444:
1434:
1427:
1418:
1416:
1409:
1405:
1396:
1394:
1384:
1371:
1356:
1352:
1344:
1340:
1326:
1322:
1297:
1293:
1286:
1278:. p. 291.
1265:
1261:
1252:
1250:
1242:
1238:
1237:
1226:
1216:
1214:
1212:
1196:
1192:
1177:
1173:
1161:
1155:
1151:
1138:
1134:
1125:
1123:
1115:
1114:
1110:
1101:
1099:
1094:
1093:
1089:
1085:
1033:
1024:each maintain.
992:
950:
930:Richard Breeden
767:
758:
747:
741:
738:
695:
693:
683:
671:
660:
559:
546:
523:
517:
512:
461:
442:
433:
425:
416:
407:
398:
378:
308:
248:
233:
227:
188:net asset value
184:
133:
67:
30:(also called a
24:
17:
12:
11:
5:
2346:
2336:
2335:
2330:
2325:
2308:
2307:
2305:
2304:
2299:
2294:
2292:Rate of return
2289:
2284:
2279:
2274:
2268:
2266:
2265:Related topics
2262:
2261:
2259:
2258:
2253:
2247:
2245:
2241:
2240:
2237:
2236:
2234:
2233:
2228:
2223:
2218:
2213:
2211:Endowment fund
2208:
2203:
2198:
2192:
2190:
2186:
2185:
2183:
2182:
2177:
2172:
2167:
2154:
2152:
2145:
2141:
2140:
2137:
2136:
2134:
2133:
2128:
2123:
2118:
2113:
2108:
2103:
2097:
2095:
2091:
2090:
2088:
2087:
2082:
2080:Long-only fund
2076:
2074:
2067:
2060:
2059:
2057:
2056:
2051:
2046:
2041:
2036:
2031:
2026:
2021:
2016:
2010:
2008:
2004:
2003:
1996:
1994:
1991:
1990:
1988:
1987:
1982:
1962:
1956:
1954:
1950:
1949:
1947:
1946:
1941:
1936:
1930:
1928:
1921:
1920:By asset class
1917:
1916:
1909:
1908:
1901:
1894:
1886:
1880:
1879:
1874:
1865:
1860:
1853:
1852:External links
1850:
1848:
1847:
1823:
1799:
1787:
1762:
1737:
1715:
1690:
1664:
1630:
1609:
1606:on 2019-08-19.
1591:
1565:
1548:
1523:
1502:
1474:
1453:
1425:
1403:
1369:
1350:
1338:
1320:
1291:
1284:
1259:
1224:
1210:
1190:
1171:
1149:
1132:
1108:
1086:
1084:
1081:
1080:
1079:
1074:
1069:
1064:
1059:
1054:
1049:
1044:
1039:
1032:
1029:
1017:
1016:
1012:
1008:
1004:
991:
988:
984:stress testing
969:Fees and gates
949:
946:
942:Paul S. Atkins
922:Roderick Hills
914:shadow banking
887:systemic risks
847:
846:
843:
840:
766:
763:
760:
759:
674:
672:
665:
659:
656:
641:
640:
637:
636:Enhanced cash;
634:
631:
615:
614:
608:
602:
596:
593:
590:
583:
582:
579:
576:
573:
558:
555:
545:
542:
519:Main article:
516:
513:
511:
508:
460:
457:
441:
438:
432:
429:
424:
421:
415:
412:
406:
403:
397:
394:
377:
374:
336:debt deflation
307:
304:
247:
244:
226:
225:September 2008
223:
183:
180:
132:
129:
66:
63:
15:
9:
6:
4:
3:
2:
2345:
2334:
2331:
2329:
2326:
2324:
2323:Money markets
2321:
2320:
2318:
2303:
2300:
2298:
2295:
2293:
2290:
2288:
2285:
2283:
2280:
2278:
2275:
2273:
2270:
2269:
2267:
2263:
2257:
2254:
2252:
2249:
2248:
2246:
2242:
2232:
2229:
2227:
2224:
2222:
2219:
2217:
2214:
2212:
2209:
2207:
2204:
2202:
2199:
2197:
2194:
2193:
2191:
2189:Institutional
2187:
2181:
2178:
2176:
2173:
2171:
2168:
2164:
2163:Open-end fund
2159:
2156:
2155:
2153:
2149:
2146:
2144:By structures
2142:
2132:
2129:
2127:
2124:
2122:
2119:
2117:
2114:
2112:
2109:
2107:
2104:
2102:
2099:
2098:
2096:
2092:
2086:
2083:
2081:
2078:
2077:
2075:
2071:
2068:
2066:
2061:
2055:
2054:Fund of funds
2052:
2050:
2047:
2045:
2044:Balanced fund
2042:
2040:
2037:
2035:
2032:
2030:
2027:
2025:
2022:
2020:
2017:
2015:
2012:
2011:
2009:
2005:
2000:
1986:
1983:
1979:
1975:
1971:
1966:
1963:
1961:
1958:
1957:
1955:
1951:
1945:
1942:
1940:
1937:
1935:
1932:
1931:
1929:
1925:
1922:
1918:
1914:
1907:
1902:
1900:
1895:
1893:
1888:
1887:
1884:
1878:
1875:
1872:
1871:
1866:
1864:
1861:
1859:
1858:ICI Fact Book
1856:
1855:
1837:
1836:www.immfa.org
1833:
1827:
1813:
1809:
1803:
1797:
1791:
1772:
1766:
1750:
1744:
1742:
1727:. MarketWatch
1726:
1719:
1705:. MarketWatch
1704:
1697:
1695:
1686:
1682:
1675:
1673:
1671:
1669:
1654:on 2008-05-18
1653:
1649:
1645:
1639:
1637:
1635:
1619:
1613:
1605:
1601:
1595:
1581:on 2014-07-28
1580:
1576:
1569:
1562:
1557:
1555:
1553:
1533:
1527:
1512:
1506:
1492:
1488:
1481:
1479:
1463:
1457:
1443:
1439:
1432:
1430:
1414:
1407:
1393:
1389:
1382:
1380:
1378:
1376:
1374:
1366:
1365:
1360:
1354:
1347:
1342:
1335:
1334:
1329:
1324:
1317:
1316:
1311:
1307:
1306:
1301:
1295:
1287:
1285:9780321649362
1281:
1277:
1273:
1269:
1263:
1248:
1241:
1235:
1233:
1231:
1229:
1213:
1211:9780199714438
1207:
1203:
1202:
1194:
1187:
1186:
1181:
1175:
1167:
1160:
1153:
1145:
1141:
1136:
1122:
1118:
1112:
1097:
1091:
1087:
1078:
1075:
1073:
1072:Sweep account
1070:
1068:
1065:
1063:
1060:
1058:
1055:
1053:
1050:
1048:
1045:
1043:
1040:
1038:
1035:
1034:
1028:
1025:
1021:
1013:
1009:
1005:
1001:
1000:
999:
995:
987:
985:
980:
979:
975:
971:
970:
966:
962:
961:
957:
954:
945:
943:
939:
935:
931:
927:
923:
917:
915:
909:
907:
903:
899:
895:
890:
888:
882:
880:
876:
875:systemic risk
872:
866:
864:
860:
854:
850:
844:
841:
838:
837:
836:
832:
829:
823:
821:
816:
812:
808:
804:
799:
797:
792:
788:
784:
778:
774:
772:
756:
753:
745:
734:
731:
727:
724:
720:
717:
713:
710:
706:
703: –
702:
698:
697:Find sources:
691:
687:
681:
680:
675:This section
673:
669:
664:
663:
655:
653:
649:
644:
638:
635:
632:
629:
628:
627:
625:
619:
612:
609:
606:
603:
600:
597:
594:
591:
588:
587:
586:
580:
577:
574:
571:
570:
569:
567:
563:
554:
552:
541:
539:
536:
532:
528:
522:
507:
505:
501:
497:
492:
490:
486:
482:
478:
474:
470:
465:
456:
452:
450:
445:
437:
428:
420:
411:
402:
393:
391:
386:
383:
373:
371:
367:
362:
360:
356:
351:
350:close to 0%.
347:
345:
341:
337:
333:
329:
325:
321:
317:
313:
303:
301:
297:
293:
289:
285:
280:
275:
273:
268:
263:
261:
257:
253:
243:
240:
238:
232:
222:
218:
216:
212:
206:
202:
198:
196:
191:
189:
179:
177:
172:
170:
165:
160:
158:
154:
149:
146:
142:
138:
137:Bruce R. Bent
128:
126:
123:, short-term
122:
118:
114:
110:
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2256:Total return
2216:Pension fund
1978:Vulture fund
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1047:Money market
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679:verification
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2111:130–30 fund
2094:Alternative
2073:Traditional
2039:Sector fund
2034:Income fund
2024:Growth fund
1953:Alternative
1927:Traditional
1780:February 4,
1755:27 February
1648:Bond Basics
1541:February 4,
1415:. Bloomberg
1217:February 4,
1042:Income fund
938:Roel Campos
934:Harvey Pitt
926:David Ruder
873:to address
803:investments
650:and repos (
648:Eurodollars
265:Continuing
260:writing off
65:Explanation
36:mutual fund
2317:Categories
2196:Hedge fund
2029:Value fund
2014:Index fund
1985:Hedge fund
1934:Stock fund
1841:2019-06-27
1817:2019-06-27
1731:2009-09-22
1709:2009-09-22
1658:2008-09-22
1624:2014-07-28
1585:2014-07-25
1517:2023-07-17
1496:2008-09-21
1468:2013-12-29
1447:2008-09-20
1419:2008-09-16
1397:2008-09-21
1253:2010-12-12
1126:2019-06-27
1102:2014-07-28
1083:References
1067:Stock fund
904:, and the
822:attitude.
809:(cash and
712:newspapers
566:bond funds
483:, AIM and
376:Statistics
332:bankruptcy
256:bankruptcy
254:filed for
229:See also:
113:Securities
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1939:Bond fund
1685:Spotlight
1037:Bond fund
902:BlackRock
889:factors.
863:on-demand
485:Evergreen
473:BlackRock
359:fire sale
135:In 1971,
79:liquidity
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1031:See also
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535:passbook
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496:Fidelity
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306:Analysis
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733:JSTOR
719:books
164:Japan
125:bonds
1782:2017
1757:2013
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1280:ISBN
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940:and
879:CFTC
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564:are
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