Wednesday, 30 Sep 2020 07:25 AM MYT
The remarks were the latest to raise expectations a new round of rulemaking may be on the way for money funds, which faced turbulence this spring as the Covid-19 pandemic shook Wall Street before Washington officials stepped in. In 2008, the Reserve Primary Fund “broke the buck” when its net asset value fell below US$1 as a banking crisis accelerated, causing a stampede of fund withdrawals that were quelled only by a US Treasury backstop for over US$3 trillion in fund assets.
Muzinich said such lines have the potential to create “run dynamics” in markets as they are approached. But he stopped short of calling for further specific reforms.
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