Wall Street Journal (October 2)
Reform of money market funds seemed to grind to a halt last month when a draft rule was blocked by the Securities Exchange Commission. Now Commissioner Gallagher is indicating that “he favors giving investors accurate prices in real time.” That would provide Chairman Mary Schapiro with the votes she need. Rather than fight this reform, “the industry would be wise to work with Mr. Gallagher and Ms. Schapiro on a floating net-asset-value before it suffers a worse fate.”
Reform of money market funds seemed to grind to a halt last month when a draft rule was blocked by the Securities Exchange Commission. Now Commissioner Gallagher is indicating that “he favors giving investors accurate prices in real time.” That would provide Chairman Mary Schapiro with the votes she need. Rather than fight this reform, “the industry would be wise to work with Mr. Gallagher and Ms. Schapiro on a floating net-asset-value before it suffers a worse fate.”
