ECB Releases MM Survey
The European Central Bank issued a press release entitled, "Results of the Euro Money Market Survey 2015." Though there is nothing on money market funds in the study, the statement says, "Overall money market turnover in the second quarter of 2015 fell to the level of the same quarter of 2012, with a year-on-year decline of 12% to E69 trillion (compared with a revised 7% year-on-year rise in the second quarter of 2014).... Today the European Central Bank (ECB) is publishing the results of the "Euro Money Market Survey 2015," which highlights the main developments in the euro money market in the second quarter of 2015, comparing them with those in the second quarters of 2014 and previous years. The results of this year's survey, which are derived from a constant panel of 98 banks, show that overall turnover has declined in the main segments. This can be partly attributed to the relative attractiveness of instruments with longer maturities on account of value or regulatory considerations. The decline is especially noticeable in the largest market segment, the secured market, and in the unsecured market. Total turnover in secured lending and borrowing decreased by 13% to E28.6 trillion in the second quarter of 2015 compared with the same period a year earlier. The decline in volumes was most visible in the overnight maturity. However, the share of centrally cleared secured operations remained broadly stable, at 72% of all bilateral repo transactions. As in previous years, activity in the derivatives segments covered by the survey showed significant changes. Activity in foreign exchange (FX) swaps, the second-largest market segment, rose by 5% in the second quarter of 2015.... The qualitative part of the survey also shows that perceived market liquidity generally worsened compared with last year. The efficiency of the secured and unsecured market segments as well as that of the short-term securities market was perceived to have remained broadly unchanged, while the efficiency of the derivatives market was seen as having deteriorated slightly." In other news, Fitch Ratings issued the release, "Fitch Rates 4 Deutsche Global Liquidity Series plc Money Market Funds 'AAAmmf'." The funds are sub-funds of the Irish-domiciled umbrella fund, Deutsche Global Liquidity Series plc. The funds are: Deutsche Global Liquidity Series plc - Deutsche Managed Euro Fund, Deutsche Global Liquidity Series plc - Deutsche Managed Sterling Fund, Deutsche Global Liquidity Series plc - Deutsche Managed Dollar Fund, and Deutsche Global Liquidity Series plc - Deutsche Managed Dollar Treasury Fund. Another release, "Fitch Rates 2 BlackRock Institutional Cash Series plc Money Market Funds 'AAAmmf'," says, "They are sub-funds of the Irish-domiciled umbrella fund, BlackRock Institutional Cash Series plc. They are: BlackRock ICS Institutional Euro Liquidity Fund and BlackRock ICS Institutional Euro Government Liquidity Fund."
