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Rating:BlackRock and Fido Fight the ICI's Money Fund Plan Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, February 15, 2011

BlackRock and Fido Fight the ICI's Money Fund Plan

News summary by MFWire's editors

Fundsters continue to disagree about how to prevent another money market mutual fund along the lines of the Reserve Primary Fund. MarketWatch's Ronald Orol reports on the internal disagreement within the industry over backstop money funds.

The ICI wants the SEC to require money funds to participate in a proposed centralized pool of at least $50 billion that would serve as a buyer of last resort for money funds' securities in times of crisis, to allow shareholders to continue to redeem shares as desired. BlackRock [see profile], meanwhile, wants each money fund to separate "special purpose vehicles" with capital bufers, while Fidelity [see profile] wants money funds to be required to hold a set minimum capital reserve within their own portfolios. 

Edited by: Neil Anderson, Managing Editor

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