Valuation, Depth and Expanding on Depth
Valuation is to be based on markets with depth. Here are some of the characteristics that signify depth. #valuation #depthinmarkets #ESMA...
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1 min
#108 MMFR Solution
#CNAV #ConstantNAV #CNAVVariation #ESMA #ACT #Treasurers #MMFR #MMFreform #MMFRegulation #compliance #regtech ...
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A Crossword on MMFR!
#CNAV #ConstantNAV #CNAVVariation #ESMA #ACT #Treasurers #MMFR #MMFreform #MMFRegulation #compliance #regtech ...
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Redemptions & Contagion
The reason why the Money Market Fund Regulation requires funds to know their investors (Know Your Customer extends to Know Your Investor)...
1 min
The No-Go-Zone!
Constant NAV funds have a no-go-zone under the Money Market Fund Regulation. They can either be 1 Euro (or 100 Euros - whatever the...
2 min
Working on Data and the Constant NAV
We have no access to data to be able to say clearly if funds used to compute the NAV of a Constant NAV Fund as per market valuation...
2 min
Unchanging Public Debt
Constant NAVs are a prized dimension of money market mutual funds. A better understanding of the Constant NAV can be had by looking at...
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...
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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...
2 min
Article 35.2.C in MMFR Would Do!
When Money Market Fund reforms were contemplated in USA and then the EU, the main trigger were the events of December 2008, when money...
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