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Preparing for Investment Policy Change: Navigating U.S. Money Market Fund Reform

Impending U.S. money market fund (MMF) reforms are creating new investment challenges for organizations. Understanding these reforms is vital when it comes…

By Michael N. Berkowitz, Managing Director, Head of Global & North America Liquidity Product Management, Treasury & Trade Solutions, Citi | Updated on June 08, 2016
Impending U.S. money market fund (MMF) reforms are creating new investment challenges for organizations. Understanding these reforms is vital when it comes to navigating the changing landscape.

Beginning on October 14, 2016, new SEC rules come into effect that will seek to strengthen the MMF industry through the imposition of a floating Net Asset Value (NAV). This rule will also allow for liquidity fees and redemption gates on prime and municipal institutional funds, and it has already increased the amount of government securities and the equivalent that government funds have to hold.

While implementation is still months away, several funds have chosen to comply earlier. This means that companies investing in MMFs should be aware of the impact of these changes and develop a concrete plan that best fits their investment strategies.

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