The Financial Stability Board, made up of global regulators, on June 30 issued its recommendations for money-market reforms. The $8 trillion industry saw big redemptions in 2008, and at the start of the pandemic in March 2020, when withdrawals reached about 30% of total assets in institutional prime funds.
Recommendations by the FSB include capital buffers, stress tests, the removal of restrictions on investor redemptions that kick in when a fund breaches certain liquidity thresholds, and increasing the level of assets a fund holds that can be readily converted to cash over a set period.U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021.
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