Pharma Investments, Ventures & Law Weekly
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Fitch Ratings
Fitch Comments on Shift Away from MTM Pricing for Money Market Funds
November 9th, 2008
Temporary changes in mark-to-market (MtoM) pricing procedures, resulting from the extreme market dislocations and illiquidity, may alleviate net asset value (NAV) pressures facing money market funds but do not entirely mitigate potential asset illiquidity or redemption risk, according to Fitch Ratings. On Oct. 10, 2008 the staff of the Securities and Exchange Commission (SEC) issued a no-action letter stating that it would not recommend enforcement action if a money market fund prices qualifying portfolio securities by referencing their amortized cost value rather than using available market quotations. Historically, U.S.-registered money market funds were required to...
Source: Pharma Investments, Ventures & Law Weekly (2008-11-09)
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