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Money Market Funds in the EU and the US

Money Market Funds in the EU and the US Regulation and Practice

Author: Viktoria Baklanova; Joseph Tanega
Publisher: Oxford University Press
ISBN: 9780199687251
Published In: February 2014
Format: Hardback , 416 pages
Jurisdiction: European Union, U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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- The first comprehensive analysis of the regulation of money market funds in the EU and US
- Comparative approach helps practitioners with decisions on portfolio management and in solving regulatory compliance issues
- Includes practical examples and checklists to assist with the practice of fund management
This book provides the first comprehensive examination of the regulation of the money market fund sector.

In consideration of the current regulatory uncertainties in the sector, this book provides practical help to legal and market practitioners by setting out regulations governing money market funds in the EU and in the US. Providing a comparative approach, analyzing the regulatory environment in the EU and in the US, the book outlines what is required to determine portfolio management and regulatory compliance issues. In doing so, it determines whether a particular analytical approach is sufficiently credible vis-a-vis comparative benchmarks, which is increasingly pivotal in the contemporary setting of the global financial market.

Contributing authors offer their interpretations of legal rules and relevant guidelines as well as commentaries, checklists, and practice examples. Divided into three parts; parts one and two cover money market fund development and regulation in the EU and in the US, respectively. Part three provides a comparative analysis of US and EU regulatory models, money market fund ratings, money market funds outside the US and EU and systemic risk regulation.

Given the current issues surrounding money market fund regulation, this book is a vital and timely resource offering a comprehensive comparative analysis and rigorous account of money market funds on both sides of the Atlantic.

Readership: The primary market consists of regulators and legal practitioners (specializing in banking, funds, finance and capital markets). The secondary market includes asset managers, banks and financial institutions, and also institutional investors.
Zoltan Pozsar: Foreword
1: Dr Viktoria Baklanova, CFA, Prof Joseph Tanega, and Prof Edmond Curtin: Introduction
PART 1: MONEY MARKET FUNDS IN THE EU
2: Igor Axenov, CFA: Rationale for European Money Market Funds: Background and Industry Structure
3: Prof Iain MacNeil and Dr Aurelien Portuese: European Regulatory Framework of Money Market Funds
PART 2: MONEY MARKET FUNDS IN THE US
4: Matthew Fink: Historical Rationale for US Money Market Funds: the People against the Bankers
5: Brian M. Kaplowitz: US Regulatory Framework for Money Market Funds
6: Ken Anadu, CFA: Types of Money Market Mutual Funds in the United States
PART 3: COMPARATIVE ANALYSIS
7: Dr Viktoria Baklanova, CFA and Prof Joseph Tanega: Comparative Analysis of the US and the EU Regulatory Models for Money Market Funds
8: Henry Shilling: Money Market Fund Ratings
9: Dr Viktoria Baklanova, CFA and Prof Joseph Tanega: Money Market Funds outside the US and the EU
10: Dr Elias Bengtsson: Systemic Risk Regulation and Money Market Funds
Dr Viktoria Baklanova, CFA, PRM, Chief Credit Officer at Acacia Capital. Dr. Baklanova is a seasoned capital markets, risk and credit professional, joining Acacia Capital from Fitch Ratings in New York where since 2006 she was a Senior Director in the Fund and Asset Manager Rating Group. Dr. Baklanova's experience prior to Fitch includes 6 years with Moody's Investor Service rating money market funds, bond funds, local government pools and senior securities issued by closed end funds. Dr. Baklanova received her PhD in Finance Law from the University of Westminster Law School in London, her MS in Finance from the Zicklin School of Business at Baruch College, and her Bachelor's Degree in Mathematics with a Minor in Computer Science from the Novosibirsk State University in Russia. She completed an advanced Financial Engineering program at Columbia University in New York, and is a Chartered Financial Analyst. She speaks widely at money market industry conferences and forums.

Joseph Tanega, BA Princeton University, MPhil Oxon, Juris Doctor, is Reader of International Financial Law, Westminster School of Law, University of Westminster, Professor of Regulation and Supervision of Retail Banking, Alma Graduate School, University of Bologna, Professor of Law and Finance, Grenoble Graduate School of Business, Grenoble Ecole de Management, and Professor of Law, King Abdulaziz University, Jeddah. He is Director of the Corporate Finance Law LLM & PhD programmes at the University of Westminster.

Contributors:
Prof Edmond Curtin, Attorney at Law, Centre for Finance and Law Research LLP
Igor Axenov, CFA, Risk Manager, Barclays Group
Prof Iain MacNeil, Professor, University of Glasgow
Dr Aurelien Portuese, Senior Lecturer, University of Westminster, London
Matthew Fink, Director of the Oppenheimer Mutual Funds
Brian M. Kaplowitz, Partner, Sidley Austin LLP
Ken Anadu, CFA, Senior Analyst, Federal Reserve Bank of Boston
Henry Shilling, Senior Vice President, Moody's Corporation
Dr Elias Bengtsson, Principal Economist, European Systemic Risk Board/Associate Professor, Stockholm University
"The authors in this important collection examine every aspect of money market funds from their history, through their functions, their types, to the appropriate forms of regulation. This monumental work will be the standard reference text for the foreseeable future." - John Flood, Prof of Law and Sociology, University of Westminster Law School

"This is the most detailed and comprehensive account of money fund regulation to date. It's a must-read for every money market professional or anyone interested in the short term markets." - Zak Green, Western Asset Managment

"The book will provide useful information on the evolution of the European (and non-US) money market fund industry." - Jeffrey Gordon, Columbia Law School

"This collection of essays edited by two recognised finance experts represents cutting edge and balanced thinking in the mechanics, legal status and operations of Money Market Funds. It is an indispensable companion for policy-makers, lawyers, regulators and scholars with an interest in this fast-moving field." - Emilios Avgouleas, Chair in International Banking Law and Finance, University of Edinburgh