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Publication "Money Market Funds in the EU and the US: Comparative Analysis "

This book is commissioned by the Oxford University Press and is expected to be released at the end of 2013.

Editors:

Prof Joseph Tanega: Reader International Financial Law, University of Westminster, School of Law School, Department of Advanced Legal Studies, Professor of Regulation & Supervision of Retail Banking, Alma Graduate School, University of Bologna, Adjunct Professor of Ethics & Governance, University of Grenoble, Grenoble Graduate Business School, and Professor of Law, King Abdulaziz University, Jeddah, Saudi Arabia

Dr Viktoria Baklanova, CFA, PRM, Chief Credit Officer/Acacia Capital, Inc.

Contributing Authors:

Ken Anadu: Senior Analyst at the Risk & Policy Analysis Unit of the Federal Reserve Bank of Boston

Henry Shilling: Senior Vice President at Moody’s Investors Service

Matthew Fink, JD: Harvard Law School, former President of the Investment Company Institute, a trade association of the US investment companies

Edmond Curtin (contacted): University of Westminster Law School, former special counsel at Cadwalader and Managing Director at Credit Suisse

Brian M. Kaplowitz, JD: Partner in the New York Office of Sidley Austin, LLP

Igor Axenov, CFA: Risk Manager, US Securitized Product Markets, Barclays Group

Dr. Elias Bengtsson: a Principal Economist at the European Systemic Risk Board

 

Aims of the book:

The book is conceived during a pivotal time for the money market fund industry when regulators on both sides of the Atlantic are keenly focused on the issues of money market fund regulation. Complexity of the subject manifested itself in a contentious debate regarding the US money market funds culminating in a highly publicised failure of the Chairman of the US Securities and Exchange Commission to move forward with a proposal to restructure these funds. Meanwhile, the Financial Stability Board, the global systemic risk regulator, issued recommendations to study whether additional regulatory steps are needed to rein in risks in money market funds globally. 

Given the current regulatory uncertainties in the money market fund sector, this book is aimed to provide practical help to legal and market practitioners by setting out regulations governing money market funds in the US and the EU. Contributing authors offer their interpretations of legal rules and relevant guidelines as well as commentaries, checklists, and practice examples.

One of the unique features of this book is its international scope. By setting out a comparative methodology this book will allow practitioners to decide portfolio management and regulatory compliance issues relating to a particular jurisdiction against the backdrop of issues that a similar fund could face in other countries. It will help determine whether a particular analytical approach is sufficiently credible vis-a-vis comparative benchmarks, which is increasingly pivotal in the contemporary setting of the global financial market.

By way of background, money market funds entered the public view post-crisis as important providers of liquid capital to various economic actors from governments to banks and retail investors. Their importance as global financial intermediaries of cash is matched by their sturdy and mounting size. Assets under management of money market funds reached their all times high of $5.8 trillion in the first quarter of 2009, exceeding the gross domestic product of Japan registered in the same year. Clearly, a title describing the functioning and regulations of these funds managing capital of such a size presents the most immediate practical significance.

Money market funds have a profound impact on the contemporary financial landscape introducing millions of individuals to financial markets and investments. Money market funds facilitate household savings, serve as a source of funding for corporations and financial institutions worldwide and arguably came to re-define the very notion of cash. Furthermore, the role of money market funds in transmitting risk in the financial system identified this sector with the financial crisis of 2007 – 2009, the worst financial meltdown since the Great Depression.

Yet, until very recently these funds have remained a quiet, under-researched corner of the capital markets. These are the considerations that led us to undertake an edited book on the development and regulation of money market funds. This book comprises three parts covering money market fund development and regulation adopted on both sides of the Atlantic. The book chapters will be written by capital market and legal practitioners with Prof Joseph Tanega’s and Dr Viktoria Baklanova’s editorial contributions.

Market / intended audience

  • Lawyers - Partners, Solicitors and Associates specialising in Banking and Finance/Capital Markets; UCITS regulation in the EU; investment company and mutual fund law in the US
  • Regulators – government agencies’ staff in charge of capital markets operations, supervision and enforcement  
  • Asset managers, banks and financial institutions – product development and asset management team
  • Institutional investors with the need to manage cash in different jurisdictions
  • General public with interest in investing

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