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Crane 100 Money Fund Index
The Boston Globe writes "Fidelity to tell money market fund value daily"
. It says, "Fidelity Investments will start disclosing the real value of its money market mutual fund shares each day, following a move by three New York firms earlier in the week, as the largest players in the $2.5 trillion market try to stave off tighter regulations
based Fidelity, the nation'
s largest money market fund manager with $
430 billion under its watch, Friday joined Goldman Sachs Group Inc., JPMorgan Chase & Co., and BlackRock Inc. in announcing plans to disclose valuations daily
rather than monthly. By Friday afternoon, Charles Schwab & Co., a big Fidelity competitor, followed suit
. Fidelity has vigorously fought efforts to increase regulation of money market funds led by former Securities and Exchange Commission
chief Mary Schapiro
. The financial crisis prompted fears of a "
run" on these funds by anxious investors trying to cash out. The move to be more transparent is the latest effort to hold off regulators." The Globe adds, "
It was surprising to see several big institutions all make similar announcements about disclosure this week, said Peter Crane
, president of Crane Data
in Westborough, which tracks money markets." They quote Crane, "It's a sign that funds are getting nervous about serious regulation, and a sign that the campaign that regulators have been on is scaring some investors
." The piece adds, "
For investors, little will change. They will still buy and sell money market funds for $
1 a share. But the precise market value of the investments in the funds will be tallied and disclosed on Fidelity’
s website each day, giving investors a more up to date financial view of their holdings."