Peter Crane News
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The presidents of all 12 Federal Reserve regional banks backed tougher oversight of some money- market mutual funds to strengthen the financial system, saying one alternative is to replace the fixed $1 share price with a market-based value.
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Three of the five largest U.S. money-market fund managers, signaling they can’t stop a second attempt by regulators to overhaul rules for the $2.7 trillion industry, are fighting instead to limit the scope of any changes.
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Four of the top 10 U.S. money-market fund providers said they’ll disclose daily fund values, pressuring rivals to follow suit as regulators consider banning the use of a constant $1 share price.
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Money funds are covering small losses on their investments to avoid unsettling clients when tighter U.S. rules will require them to disclose even small shortfalls.
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JPMorgan Chase & Co., Goldman Sachs Group Inc. and BlackRock Inc. closed European money market funds to new investments after the European Central Bank lowered deposit rates to zero.
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BlackRock Inc., taking a new position in the debate over money market mutual fund reform, said the $2.6 trillion industry would survive without its stable $1 share price if a reform plan being drafted by regulators included key additions.
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Commercial paper outstanding dropped for a fifth straight week, reaching the lowest on record, as companies take advantage of long-term borrowing costs at about the lowest ever to replace the debt.
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JPMorgan Chase & Co . and a U.S. unit of French bank Natixis SA are offering money-market mutual funds aimed at wooing back customers spooked by the financial crisis into moving their money to federally insured deposits.
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Mary Schapiro will step down next month as U.S. Securities and Exchange Commission chairman, turning over the reins to Commissioner Elisse Walter in a move industry observers say will bring little change at the agency.
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U.S. Treasury Secretary Timothy Geithner yesterday urged the Securities and Exchange Commission to pursue new rules for money-market mutual funds, triggering fresh opposition from industry leaders who had beaten back similar proposals and are pursuing a weaker overhaul.
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