Dreyfus released a schedule of its "stike times," or settlement times, for its funds, including those that will have a floating NAV in October," according to a posting on ICD Portal's "Regulatory" page. Among its Institutional, or floating NAV, funds, the strike times, effective October 10, will be as follows: Dreyfus Cash Management Fund (3pm), Dreyfus Institutional Cash Advantage (9am, 12pm, and 3pm), Dreyfus Institutional Preferred MMF (9am, 12pm, and 3pm), and Dreyfus Tax-Exempt Cash Management (12pm). Furthermore, all the Prime Retail funds will have cutoff times of 5pm, while Muni Retail funds will price at 3pm, except for the BNY Mellon National Muni MMF, which settles at 12pm. The BNY Mellon Govt MMF also strikes at noon. The Dreyfus Government and Treasury funds settle at either 3pm or 5pm. Dreyfus Govt Securities Cash Mgmt, Dreyfus Inst Preferred Treasury Securities MMF, Dreyfus Inst Treasury Securities Cash Advantage, Dreyfus Treasury Securities Cash Management, and General Treasury Securities MMF all settle at 3pm. Dreyfus Govt Cash Management, Dreyfus Inst Preferred Govt MMF, General Govt Securities MMF, Dreyfus Variable Investment Fund Govt Money Market Portfolio, Dreyfus Inst Treasury and Agency Cash Advantage, Dreyfus Treasury and Agency Cash Management, and General Treasury and Agency MMF, all strike at 5pm. The update also lists a number of Dreyfus' fund mergers and liquidations that have taken place recently. In other news, Institutional Investor posted an article, "Why It's Prime Time to Rethink Prime Funds," written by Goldman Sachs Asset Management Managing Directors David Fishman and Kathleen Hughes. They write, "Ahead of new money market regulations taking effect in October 2016, many cash and liquidity investors are examining the potential impact on their investment practices. The biggest change, in our view at Goldman Sachs Asset Management, is a requirement that institutional prime and municipal money market funds, which invest mostly in corporate debt securities and tax exempt securities, respectively, adopt a floating net asset value (NAV), shifting the industry away from a stable $1 price per share." They continue, "But there is another less frequently discussed change whose implications could be surprising for some liquidity investors: the introduction of multiple intraday price points, multiple NAVs, for many prime funds. Multiple NAVs are not a regulatory requirement, but rather they are an attempt by the money market industry to preserve the same-day liquidity benefits that prime funds have historically offered. Intentions aside, we think this change transforms prime funds into a plan-ahead vehicle instead of the traditional same day liquidity role they have long played. We believe that the implementation details of these funds will be too complex for some investors -- at least at the outset -- and that the new features will drive at least some to use government funds, the features of which remain unchanged by the new rules."

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