Money Market Mutual Fund Resources
Below we list a number of links to websites which may be of interest to money market and mutual fund professionals and investors. If you have a money fund-related website or a link we're missing, please submit it to: links@cranedata.us.
- Links of the Day
- Money Fund Families
- Money Fund Portals
- Additional Resources
- Money Fund Basics
- Browse Funds
Money Market Mutual Fund Families
Money Fund Trading Portals
Additional Money Fund Resources
This recent Vanguard Podcast entitled, "The Fed funds rate and what it means to you", explains the basics of the Fed funds rate and interest rates. It says, "The Federal Reserve has made several cuts to the federal funds rate since the summer of 2007. Joseph H. Davis, Ph.D., Vanguard's chief economist, explains the Federal Reserve's purpose behind making these cuts, how these rate cuts impact other interest rates, and what it all means to investors." He also clarifies the relationship between short-term and long-term interest rates.
The Federal Reserve Bank of New York has added a new feature, "Fed Funds Data in Dynamic Chart Format". The interactive chart includes the Fed's short-term cash market benchmark daily Federal funds rate target, the effective rate, and the highs and lows. The chart allows you to zoom into a 1-month period or to zoom out to a 5-year view.
While the Federal Reserve Board of Governors sets a "target" rate for Fed funds (which it's expected to cut to 2.0% or 2.5% from 3.0% today), the most important determinant of short-term interest rates (long-term rates, like mortgages, are driven by the market), the actual Fed funds rate may vary slightly from the target based on demand and the calendar.
When the "effective" Fed funds rate is above the target, money tends to move from money market funds into "repo", and when the effective rate is below the target money moves from repo into money funds.
Federated Investors' Debbie Cunningham discusses the basics of money market funds and recent headlines. She says, "While it is possible to lose money by investing in a money market fund, during the more than 30 years that Federated has been managing these funds, the firm's money market funds have always sold and redeemed their shares at the $1.00 net asset value (NAV)". Cunningham adds, "When financial markets turn as volatile as they have been lately, we think investors would do well to consider money market funds - both prime and government, depending on their needs - if they are looking for a place to ride out the storm."
U.S. Department of the Treasury's Daily Treasury Bill Rates. "These rates are the daily secondary market quotation on the most recently auctioned Treasury Bills for each maturity tranche (4-week, 13-week and 26-week) that Treasury currently issues new Bills. Market quotations are obtained at approximately 3:30 PM each business day by the Federal Reserve Bank of New York.
The Commercial Paper Issuers Working Group (CPIWG), a consortium of the largest issuers of direct CP, launched an upgrade of its website at http://www.cpiwg.org yesterday. The new site includes a definition of CP and a chart of outstandings, and includes a history, members list (large industrial and financial firms such as Amex, Chevron, Dow Chemical, GE, GM, and IBM), members area, and more.
ICAP's MyTreasury.com European Money Market Portal Launches. According to the site, "MyTreasury is a multi-product, multi-bank, multi-currency platform designed specifically to meet the treasury management needs of European corporate treasurers. Covering AAA-rated money market funds (MMFs), deposits, short term loans and European Commercial Paper, the platform will offer treasurers full market transparency for all these instruments in USD, GBP and EUR." Look for more on European "portals" in the next MFI.
Municipal Market Advisors (MMA) is a "specialized analytical firm for the municipal bond market". The company published the "Consensus Yield Report" Averages, "a pure 'Aaa' G.O. yield curve for the municipal bond market", and provides commentary on the municipal space.
The Federal Reserve Bank's Weekly Commercial Paper Outstanding Series shows a strong rebound in commercial paper and asset-backed commercial paper. CP rose for the 4th week in a row, increasing by $35.5 billion ($64.4 billion over 4 weeks) to $1.849 trillion, and ABCP rose for the 3rd week in a row, increasing $26.3 billion ($57.4 billion over 3 weeks) to $780 billion. Also, see Bloomberg's "U.S. Asset-Backed Commercial Paper Expands Third Week".
New Jersey-based Financial Sciences Corporation, which provides money market trading, treasury management, securitization, and issuing payment agency services for "multinational corporations and financial institutions", has launched a revamped website at http://www.fisci.com. The company's "ATOM Money Market Trading is uniquely designed to support the specialized processing needs of issuers and dealers of commercial paper, certificates of deposit, and other money market securities."
Board of Governors of the Federal Reserve System announces website redesign. Just in time for today's interest rate decision, the Federal Reserve has unveiled "a new look and additional features designed to improve usability" on its website at http://www.federalreserve.gov. The homepage now features "Recent Events" and "Features" up top, and offers direct access to a number of popular "Statistical Releases," including "Commercial Paper".
ICI's FAQs on Money Market Mutual Funds. Click here for the Investment Company Institute's new "Frequently Asked Questions About Money Market Mutual Funds", posted to address recent investor concerns.
American Securitization Forum's "An Investors's Guide to Asset-Backed Extendible Notes" explains extendible notes and ABCP. "The guide ... is designed to aid market participants in understanding the structure, the various sources of enhancement, and the specific terms of asset-backed extendible commercial paper structures in a market with growing variety and complexity of such products."
"Instruments of the Money Market" by the Federal Reserve Bank of Richmond is one of the few works available that describes the workings of the money market and various money market securities, such as commercial paper, repos, t-bills, eurodollars, and federal funds. While last updated in 1993, the work, edited by Timothy Q. Cook and Robert K. LaRoche, also contains chapters on "Money Market Mutual Funds and Other Short-Term Investment Pools" and "Options on Money Market Futures".
The U.S. Department of the Treasury and the Comptroller of the Currency Administrator of National Banks have launched a new website, www.helpwithmybank.gov, to answer questions and to assist national bank consumers with problems. The Comptroller of the Currency "We created HelpWithMyBank.gov with national bank customers in mind," Comptroller of the Currency John C. Dugan said. "Our goal was to build a site that makes it easier for people to get answers and submit concerns about their bank because we are committed to ensuring fair access to financial services and equal treatment for national bank customers.... It is my hope that we can work with other financial regulators to expand this effort to support all bank customers."
Matrix Settlement and Clearance Services (MSCS) provides "mutual fund clearing and settlement services for banks, trust companies, third party administrators, registered investment advisors, and broker/dealers". The company recently launched an online money fund trading portal, which is profiled in the current (July) issue of Money Fund Intelligence. Matrix is also hosting a conference in Colorado, "Get Connected in Keystone" featuring an "Introduction to Portals Panel" led by portal Program Manager Michael Rice on August 13.
Bankaholic Blog Introduces New "Money Market & Savings Rate Tool". The anonymous web blog, which contains extensive postings about banking deals and specials, has added a table of the top bank savings specials and rates. The site has also added a "Best CD Rates" table.
Institutional Investment Dealer Money Market One, run by cash and treasury guru Lee Epstein, is an "institutional broker-dealer focused exclusively on serving the investment, reporting and compliance needs of publicly-traded and privately held corporations" according to its new website. The boutique institutional dealer specializes in money market and short-term investments.
Broker Dealer Magazine covers the brokerage industry and conducted a cash management survey.
American Beacon Advisors Launches New Website. The revamped site includes a cleaner look and an expanded American Beacon Advisors area with information on American Beacon Select Funds, Offshore Cash Management Portfolios, Enhanced Cash Portfolios, and Separate Account Management.
The Investment Company Institute (ICI) tracks money market mutual fund assets weekly, providing an update every Thursday around 5:00pm. The "Latest Industry Statistical Trends" page also provides monthly asset totals on all mutual funds by category, and also covers ETFs and closed end funds.
The following companies rate money market mutual funds: Fitch Ratings, Moody's Investors Service, and Standard & Poor's (S&P). The money fund areas on their websites provide a wealth of information on the funds they rate AAA, and also provide a number of excellent research pieces on money funds and the money market mutual fund industry.
We noticed today's "Link of the Day" listed among money fund trading portal ICD Funds' Industry Info Website and thought we should include it as well. Click here for The Financial Times Money Rates table which has links to FT PDFs containing US$ LIBOR, Euro LIBOR, CDs, Fed funds, EONIA and more.
The new ICI "2007 Investment Company Fact Book" Section on Money Funds discusses the yield advantage money funds have over bank deposits and the factors behind institutional money fund inflows.
Financial Sciences' ATOM Short-Term Debt Module "tracks short-term debt issues and bank loans and records money market issues placed by dealers and brokers".
The Irish Funds Industry Association represents the mutual fund industry in Ireland, home to the third largest money market fund industry in the world with $375 billion in assets. (Only the U.S., with $2.4 trillion, and France, with $565 billion, are larger.)
Paid and Reinvested Dividends of Money Market Mutual Funds is today's Link. ICI publishes these totals this year, and is preparing to publish the 2006 numbers. We estimate that money fund dividends doubled from 2005's levels to $100 billion for 2006.
The Bond Buyer (which is free this week) reports the launch of website Municipal Bond Research Gateway, a public finance and municipal bond resource from the National Federation of Municipal Analysts.
Crane Data's Money Market Mutual Fund Supermarket Listings, for those looking for online money market trading portal vendors. Most offer a wide selection of money funds and tools for institutional investors.
Crane Data Launches Money Fund "Detail" Pages and Full Listings. Register to browse our full universe of money market mutual fund "profiles".
The U.S. Government's TreasuryDirect website allows individual and institutional investors to purchase Treasury securities electronically and direct from the Treasury. The site also contains Treasury auction calendars, results and more.
Website BankDealsBlog.com hosts discussions of the highest-yielding bank CDs, savings and other deals.
Today's "Money Market Mutual Funds 101: A List of Basic Texts", links visitors to educational web pages. Our Top 5 "Money Fund Basics" Sites include: 1) SEC's "What Is a Money Fund?"; 2) Fidelity's "Why Are Money Funds a Smart Move?"; 3) Wikipedia's "Money Fund" ; 4) Richmond Fed's "Instruments of the Money Markets"; and, 5) InvestorWords' Money Fund Definition.
The Federal Reserve Bank of Philadelphia's Economic Education Page offers classes, exhibits (including "Ben Franklin and the Birth of a Paper Money Economy"), and publications to teach about the economy.
Rule 2a-7 of the Investment Company Act of 1940. This is a repeat so readers of today's story can click and search for 'NRSRO' in the text.
ICI Comments on SEC Proposed Revamp of NRSROs and impact on MMMFs
Law firm ReedSmith has a new "Money Market Fund Compliance & Research" page offering funds and investors an excellent resource for Rule 2a-7 and money fund regulations.
Confluence offers "fully automated data management solutions". Its main product, FundStation, does performance measurement reporting for "40% of funds worldwide".
JM Lummis is a money market boutique specializing in time deposits, certificates of deposit, commercial paper and traditional money market instruments.
InvestorWords defines "money market fund" The site contains one of the better financial glossaries.
Salary.com lists California and other state income tax rates. To calculate taxable equivalent yield on a State Tax Exempt fund, divide the tax-exempt rate by (1 - (Federal + State tax rate)).
The Treasury Management Association of New England's TMANE 2007 conference is May 9-11, 2007 in Boston. Texas Treasury Mgmt. Assoc.'s TEXPO conference is March 25-27 in Dallas.
Federal Reserve Chairman Ben Bernanke's semiannual testimony to Congress.
Investortools offers money fund portfolio managers a software program named SMART (short maturities analytical reporting tool), which automates Rule 2a-7 compliance.
The Wall Street Journal's redesigned Markets Center contains the NASD listing of money fund yields, assets and average maturities.
The Federal Reserve's Statistical Release "Selected Interest Rates" gives daily updates on Fed funds, CP, CDs, and more.
Treasury Strategies is a Chicago-based consulting firm that published annual corporate sweep accounts and liquidity studies.
The Glossary of money fund terms on TreasuryPoint, SEI's Trading Platform, is an okay start for beginners. Send other entrants; we're building our glossary!
The IACPM, or International Association of Credit Portfolio Managers is a "professional association dedicated to the advancement of credit portfolio management."
Finistar, which sells FDIC insured, "fixed rate cash management solutions" to community banks and institutions, changed its name to Anova Financial.
The Wall Street Journal's "How Wall Street Sweeps the Cash" says "top brokerage firms are increasingly turning cash sweeps into gold."
The Institutional Money Market Funds Association (IMMFA), a London-based group of 36 offshore money market mutual fund providers, just upgraded its website at http://www.immfa.org.
We've noticed some referrals from the new search site, www.PageBull.com. We couldn't believe how cool and effective it was so we had to mention it.
Standard & Poor's launched a new, revamped website at www.standardandpoors.com. The money fund ratings page may be found here.
Moody's Portfolios of Largest Prime Institutional Money Funds by Analyst Viktoria Baklanova.
The SEC's Form N1-A is used to register mutual funds and includes formulas for calculating current and effective yields (page down to p. 44).
Thomson TradeWeb offers online auctions involving 35 bond and commercial paper dealers.
PNC Financial's Chief Economist Stuart Hoffman posts his monthly National Economic Outlook here.
The Federal Reserve Bank of New York "plays a leadership role in monetary policy, financial supervision, and the payments system" according to its site.
Peter Crane writes for European treasury site GT News, "U.S. Money Funds: A Regulatory Success Story".
Chicago Board of Trade's 30 Day Federal Funds Futures estimates future Fed funds levels. Take 100 minus Close to get the expected rate.
The Chicago Mercantile Exchange Institutional Money Funds as Collateral Program lists the money funds available for options and options on futures collateral.
Treasury Today recently released its annual "Corporate and Institutional Money Funds in Europe 2007" publication. The report is a great primer and resource on AAA-rated money funds in Europe.
The Federal Reserve Board's Open Market Committee sets the Federal funds target rate, the benchmark for short-term interest rates (click for rate history).
The Institutional Money Market Funds Association (IMMFA) is "the trade body representing providers of triple-A rated money market funds" in Europe.
Fitch Ratings added rated money fund "profiles" to www.fitchratings.com and has rated National Municipal Money Fund (Lehman Brothers) AAA/V1+.
The SEC released a new full-text search tool for its EDGAR mutual fund filings database Investment News reported today.
Today's link is Wikipedia's definition of money fund. The free encyclopedia also explains retail vs. institutional funds, and gives some history.
The Securities Industry and Financial Markets Association (SIFMA) launched its new website last week at www.sifma.org. The new trade group is the result of a merger between the Bond Market Association (BMA) and Securities Industry Association (SIA).
Fitch Ratings released new Criteria for Asset-Backed Extendible Notes in Rated Money Funds. The ratings agency says extendibles are liquid and should be booked to expected maturity.
NYSE's "Informed Investor" Questions About Brokerage Sweep Accounts This publication lists questions investors should ask regarding cash "sweep" options in their brokerage accounts.
The Deposity Trust Company (DTC) provides back-end processing and clearing of money market securities and is a member of the Federal Reserve System.
The Commercial Paper Issuers Working Group (www.cpiwg.org) is an organization representing 27 of the largest commercial paper (CP) issuers.
Money Fund Ratings: Standard & Poor's Website shows the most recent fund ratings, ratings methodology, and ratings by domicile.
The Bond Market Association (www.bondmarkets.com) is the trade group representing bond issuers. The site contains a wealth of info on the corporate, treasury and muni markets.
ICI's Frequently asked Questions About Money Market Mutual Funds The ICI (Investment Company Institute) explains the basics of money market funds.
CacheMatrix builds back-end technology for online money market trading portals.
ICI Mutual Fund Fact Book 2006 Investment Company Institute's annual guide to mutual funds.
Rule 2a-7 of the Investment Company Act of 1940 The SEC's (Securities and Exchange Commission) regulations on money market mutual funds.
Instruments of the Money Market An overview of money markets and money market securities published by the Federal Reserve Bank of Richmond.
Fidelity's "What Are Money Market Funds?" Fidelity Investments' definition and explanation of money market mutual funds.
Investorwords.com Investorwords.com's definition of money fund.