A press release posted yesterday entitled, "BNY Mellon Asset Servicing and Investor Analytics to Provide Money Market Stress Test Service for Reich & Tang Asset Management," says, BNY Mellon Asset Servicing and Investor Analytics "have been selected by Reich & Tang Asset Management, LLC to provide money market stress tests that will model the impact of interest-rate shocks, credit risk shocks and liquidity risk shocks on their funds." This service "will help money market funds comply with Rule 2a-7 issued by the U.S. Securities and Exchange Commission (SEC). The rule, which becomes effective May 5, 2010, requires money market funds to examine combinations of potential stresses." Joseph Jerkovich, senior V.P. and CFO of Reich & Tang Asset Management comments, "Our selection of BNY Mellon Asset Servicing was based on its ability to provide an objective, end-to-end solution that will facilitate both Reich & Tang and our fund directors in meeting their obligations under the new SEC and rating agency requirements. The strength of our 10-year relationship with BNY Mellon, the expertise of the Investor Analytics team, and the robustness of their product offering demonstrate that they really understand our business and are offering a solution that is optimized for money market funds, not adapted from longer-duration or equity strategies." The release adds, "The tests will examine changes in fund NAV resulting from: Parallel and non-linear shifts in yield curves; Changes in credit spreads; Increasing redemption requests; and, Combinations of the three above."

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