ICI to Host "Shadow" NAV Webinar
A press release says, "The Investment Company Institute (ICI) will host a webinar and conference call on Tuesday, January 25 to present new research on money market funds, titled Stable NAVs and Shadow Prices of U.S. Money Market Funds. This paper explains and examines the factors that can impact money market funds' per-share market values, known as 'shadow prices.' On January 31, 2011, the SEC will begin publishing a snapshot of money market funds' shadow price data with a 60-day lag -- a requirement that was included in the SEC's adoption of new regulations in January 2010 to require enhanced liquidity, credit quality and maturity standards for money market funds. ICI Chief Economist Brian Reid will host the webinar and call with members of the media and public beginning at 12:00 p.m. EST.... Webinar participants can view the slides, listen to the presentation and participate in the Q&A via the web address below: http://www.myeventpartner.com/Investment1." In other news, the latest weekly "Money Market Mutual Fund Assets" report says, "Total money market mutual fund assets decreased by $35.08 billion to $2.761 trillion for the week ended Wednesday, January 19, the Investment Company Institute reported today. Taxable government funds decreased by $21.01 billion, taxable non-government funds decreased by $12.08 billion, and tax-exempt funds decreased by $1.99 billion." Outflows were likely driven by a spike in repo rates caused by a quarterly tax payment date, the long Holiday weekend, and snow storms in the East, according to Crane Data's Peter Crane.
