Crane Data Subscribers
Funds Open But Not Trading Veterans Day, Govts Closing Early Friday. While money funds will be open on Monday, Veteran's Day along with the New York Stock Exchange, no trading will take place and next day settlement-only will be avaiable due to the Federal Reserve Bank being closed. Many Prime funds are staying open all day Friday, continuing a recent trend of staying open longer ahead of Holidays. But almost all Government and Treasury funds will close early, at 2 or 3pm. American Beacon, Barclays, Dreyfus, Fidelity, JPMorgan, and Reserve, are among those companies whose funds will be open normal hours Friday and who have made a point of staying open all day prior to Holidays. Veteran's Day should offer a brief respite from continued concerns related to SIVs, or structured investment vehicles -- see today's "Link of the Day". While these problems may bring about a handful of additional fund bailouts, money funds continue to hold fast on their $1.00 NAVs and investors continue to be sheltered from any adverse impact. Money fund assets could break the $3 trillion level as early as tonight when ICI reports its weekly asset totals. We expect a big jump in assets, but the total will likely fall just shy of $3 trillion.
