As a result of the new rule, prime and municipal money market
funds lost $1.
The typical money market
fund in 401(k) plans today is a prime fund that invests in both corporate and government bonds, says Kendrick Wakeman, founder and CEO of online research tool provider FinMason, in Boston.
The rule amendments include changes to update reporting requirements and to enhance disclosure, diversification and stress-testing requirements for money market
com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market
accounts was unchanged from the week before at 0.
Banks will have to cut down their funds to the imposed percentages before issuing any new short-term money market
We found that money market
funds in Australia do not share many of the characteristics that are prevalent in US and Europe and have little impact on the short-term funding market in Australia, ASIC Commissioner Greg Tanzer said.
The European money market
fund landscape is split between a wide range of products, from stable and secure short-term money market
funds up to relatively high-risk enhanced funds, which are more difficult to understand and which have longer tenors--and also potentially much higher yields," says Jarno Timmerman, chief dealer for AkzoNobel, a Dutch paints and coatings company with $19.
Unclear is the extent to which the maintenance of the bank's "core customer base" with mutual fund offerings and bailout payments to the money market
funds was decisive in the IRS's conclusion.
accounts are bank-sponsored and FDIC-insured up to $100,000, and offer a guaranteed interest rate.
While the mutual fund industry trade group says funds are ready to comply with the Securities and Exchange Commission's new rules for money market
funds that kicked in Friday, advisors and investors are being warned to tread carefully in the new territory.
relating to its management of two money market
funds, the company said.