BNY MMF Changes NAV Calc Times
A Prospectus Supplement filing for BNY Dreyfus Treasury and Agency Liquidity Money Market Fund tells us, "Effective September 1, 2026, the fund's net asset value (NAV) will be generally calculated every hour on the hour from 8:00 a.m. to 5:00 p.m., Eastern time, each day the fund accepts purchase orders and redemption requests (each such time, the trading deadline for orders "in proper form"). An order in proper form received and accepted after 5:00 p.m. will be priced at the NAV first determined on the following business day and will begin to accrue dividends on such business day." See too the press release, "First Fully Onchain Repo Transaction Completed Using a Sovereign Digital Bond," which says, "Virtu Financial, M1X Global and Tradeweb today announced the completion of the first fully onchain repo transaction in which the securities leg was a sovereign digital bond. Executed on the Canton network, every element of the transaction -- securities delivery, cash leg and return -- settled atomically onchain. The transaction is the first known instance of a natively issued sovereign digital security functioning as collateral in a repo executed through a major institutional electronic trading venue without prime broker intermediation.... USDM1, the securities leg of the transaction, is a sovereign bond issued natively onchain by the Republic of the Marshall Islands, structured under New York law in the style of a fully collateralized Brady bond.... Unlike digital cash instruments, USDM1 pays a coupon when used as margin or collateral. The instrument is available through Tradeweb with institutional custody through Anchorage, BitGo and tZERO. It is also supported by FDIC-insured Bank of Guam."
