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Article
Publication date: 12 April 2011

Stephen H. Bier, Thomas C. Bogle, Jack W. Murphy, Kevin K. Babikian and Sean R. Murphy

This paper seeks to explain the possible options detailed in the “Money Market Reform Options” report released by the President's Working Group on Financial Markets on October 21…

326

Abstract

Purpose

This paper seeks to explain the possible options detailed in the “Money Market Reform Options” report released by the President's Working Group on Financial Markets on October 21, 2010 for consideration by the Financial Stability Oversight Council (FSOC).

Design/methodology/approach

The paper discusses reform options in the areas of: floating net asset values, privately sponsored emergency liquidity vehicles, mandatory redemptions in kind, insurance for money market funds (MMFs), a two‐tier system providing enhanced protections for stable net asset value (“NAV”) MMFs, a two‐tier system reserving stable NAV MMFs solely for institutional investors, regulating stable NAV MMFs as special purpose banks, and enhancing constraints on unregulated MMF substitutes.

Findings

The Report concludes that more should be done to address systemic risks presented by MMFs and the structural vulnerabilities of MMFs to runs, and discusses various reform options for the FSOC to consider, but does not recommend any particular reform.

Originality/value

The paper provides expert advice from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 12 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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Case study
Publication date: 20 January 2017

Timothy M. Laseter, Jay Ashton and Vincent Gu

This case is used in Darden's first-year core operations class as part of a module on supply chain management. The Musictoday company provided online retailing services for such…

Abstract

This case is used in Darden's first-year core operations class as part of a module on supply chain management. The Musictoday company provided online retailing services for such clients as the Dave Matthews Band and the Rolling Stones. But the lack of a formal inventory-management process had Musictoday concerned about future stockouts that would result in lost sales. This case covers the basics of safety stock within the context of a periodic review system. It introduces students to the periodic review system and provides them with an opportunity to link the optimal review period with the EOQ concept.

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

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Article
Publication date: 2 November 2015

Jack Murphy, Brenden Carroll, Stephen Cohen, Joshua Katz and Justin Goldberg

To explain the background and details of the responses from the Staff of the Division of Investment Management of the US Securities and Exchange Commission (SEC) to certain…

151

Abstract

Purpose

To explain the background and details of the responses from the Staff of the Division of Investment Management of the US Securities and Exchange Commission (SEC) to certain frequently asked questions (FAQs) regarding the July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (1940 Act).

Design/methodology/approach

In July 2014, the SEC adopted sweeping amendments to Rule 2a-7 and other rules that govern money market funds under the 1940 Act (Amendments). The Amendments (i) require “institutional” money funds to operate with a floating net asset value (NAV), rounded to the fourth decimal place (e.g. $1.0000) and (ii) permit (and, under certain circumstances, require) all money funds to impose a “liquidity fee” (up to 2 per cent) and/or “redemption gate,” once weekly liquidity levels fall below the required regulatory threshold. The article briefly discusses the background and the events leading up to the FAQs and describes key responses from the Staff on a variety of issues.

Findings

The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately. The FAQs provide clarity on a number of issues that are relevant to the money fund industry.

Practical implications

Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance.

Originality/value

Practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 16 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 5 May 2015

Jack Murphy, Stephen Cohen, Brenden Carroll, Aline A. Smith, Matthew Virag and Justin Goldberg

To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules…

275

Abstract

Purpose

To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940.

Design/methodology/approach

Explains the background, including problems during the financial crisis, the USA Treasury’s temporary guarantee program in 2008, earlier SEC proposals, and the USA Financial Stability Oversight Council’s recommendations. Details the amendments to Rule 2a-7, including the authorization to impose liquidity fees and redemption gates, the floating net asset value (NAV) requirement, the impact of the amendments on unregistered money funds operating under Rule 12d1-1, guidance on fund valuation methods, disclosure requirements, requirements for money fund portfolios to be diversified as to issuers of securities and guarantors, stress testing requirements, and compliance dates.

Findings

The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately.

Practical implications

Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance.

Originality/value

Practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 16 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

Available. Content available
Article
Publication date: 2 November 2015

Henry A Davis

232

Abstract

Details

Journal of Investment Compliance, vol. 16 no. 4
Type: Research Article
ISSN: 1528-5812

Available. Content available
Article
Publication date: 12 April 2011

Henry A. Davis

354

Abstract

Details

Journal of Investment Compliance, vol. 12 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 February 1992

L. Palmieri

A contact featured flexible circuit connector was designed to meet the high speed signal performance needs of the VAX 9000 Multi Chip Unit. With contact densities of 200 I/O over…

85

Abstract

A contact featured flexible circuit connector was designed to meet the high speed signal performance needs of the VAX 9000 Multi Chip Unit. With contact densities of 200 I/O over approximately 2 square inches, this connector has the highest contact density of any high performance signal connector in any DEC system. This paper discusses the use of a specially designed tester to characterise and measure connector performance against its design goals.

Details

Circuit World, vol. 18 no. 3
Type: Research Article
ISSN: 0305-6120

Available. Content available
Article
Publication date: 8 January 2018

Bradley Bowden

426

Abstract

Details

Journal of Management History, vol. 24 no. 1
Type: Research Article
ISSN: 1751-1348

Available. Content available
Article
Publication date: 5 May 2015

Henry A Davis

132

Abstract

Details

Journal of Investment Compliance, vol. 16 no. 1
Type: Research Article
ISSN: 1528-5812

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Abstract

Details

Women and the Abuse of Power
Type: Book
ISBN: 978-1-80043-335-9

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