Money Funds Start Shuffling Assets Ahead of SEC Rule Changes [BNN Bloomberg (Canada)]
Barclays PLC (BCS)
US:NYSE Investor Relations:
home.barclays/barclays-investor-relations.html
Company Research
Source: BNN Bloomberg
As of mid-April, about five of these funds — including the two largest — had announced plans to convert to government-only holdings or close altogether to avoid Securities and Exchange Commission measures that take effect later this year. Starting in October, the changes mean it'll get more expensive to withdraw money from some funds in times of financial stress. The shift in holdings means increased demand for government-backed instruments ranging from Treasury bills and agency discount notes to repurchase agreements, while reducing demand for commercial paper and certificates of deposit. That appetite for government debt could drive short-term rates lower, once again making a key Federal Reserve overnight facility more alluring as cash sloshes around the financial system in search of a place to invest. “When this reshuffling occurs depends on two factors: the timing of planned conversions and how long institutional investors are willing to stay in soon-to-be converted funds,”
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BCS
Sec Filings
- 5/15/24 - Form 6-K
- 5/15/24 - Form 13F-HR
- 5/10/24 - Form 6-K
- BCS's page on the SEC website