Redemptions & Contagion
The reason why the Money Market Fund Regulation requires funds to know their investors (Know Your Customer extends to Know Your Investor)...
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1 min
Money Market Funds are special
A drop in asset prices can snowball into a full-fledged financial crisis. This true of any asset and many market. So, what is so special...
1 min
Be Aware of Concentration
Being aware of the nature of your investor and how concentrated the holding is among investors, is one of the implicit or explicit asks...
2 min
Liquidity and Redemption Stress
Liquidity in normal circumstances and in stressed ones are at the core of the Money Market Fund Regulation. How much of the portfolio can...
2 min
Securitisations in the simple world of short-term investments
The implementation of the Money Market Fund Regulation coincides with the implementation of the Simple, Transparent and Standardised...
2 min
Sanctioned Countries, Investment Funds and Know Your Customer
Redemptions from customers can destabilise a fund. In the case of money market funds preventing this is particularly important as...
2 min
ABCPs in the simple world of short-term investments
The Money Market Fund Regulation allows for securitisations and asset-backed commercial paper (ABCP) in the investment portfolio. There...
2 min
Constants are not the Truth; and Hedge Funds.
Constant NAVs were fine. Except for what lay beneath. Regulators cannot be happy with a lack of transparency anywhere in the financial...
2 min
Negative Interest Rates & Investors
Some of the delay, discussion and possible confusion in the implementation of the Money Market Fund Regulation comes from the Share...
3 min
Investor Concentration As A Stress
Imagine having a top-end investor in one of the Funds you run. Winning that account was a dream for the salesperson that aced it. Imagine...
2 min
The Canary in the Mine
It could be excessively high price earnings multiples. It could be increased credit spreads. It could be asset price inflation. And it...
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