Staff Analysis of Data and Academic Literature Related to Money Market Fund Reform
The staff of the Securities and Exchange Commission today made available certain analyses of data and academic literature related to money market fund reform.
The analyses, which were conducted by the staff of the SEC’s Division of Economic and Risk Analysis, are available for review and comment on the Commission’s website as part of the comment file for rule amendments proposed by the SEC in June 2013 regarding money market fund reform.
The analyses examine:
- The spread between same-day buy and sell transaction prices for certain corporate bonds from Jan. 2, 2008 to Jan. 31, 2009.
- The extent of government money market fund exposure to non-government securities.
- Academic literature reviewing recent evidence on the availability of “safe assets” in the U.S. and global economies.
- The extent various types of money market funds are holding in their portfolios guarantees and demand features from a single institution.
The SEC staff believes that the analyses have the potential to be informative for evaluating final rule amendments for the regulation of money market funds. These analyses may supplement other information considered in connection with those final rule amendments, and the SEC staff is making these analyses available to allow the public to consider and comment on this supplemental information. Comments on this supplemental information may be submitted to the comment file for rule amendments the SEC proposed in June 2013 regarding money market fund reform (File No. S7-03-13) and should be received by April 23, 2014.
Additional studies, memoranda, or other substantive items may be added by the Commission or staff to the comment file during this rulemaking. A notification of the inclusion in the comment file of any such materials and an invitation for public comment will be made available on the Commission’s web page. To ensure direct electronic receipt of such notifications, sign up through the “Stay Connected” option at www.sec.gov to receive by e-mail “Notifications Regarding the Money Market Fund Reform and Amendments to Form PF Rulemaking.”