In July 2023, the SEC issued a new set of reforms for the U.S. money market fund (MMF) industry. The reforms increase the amount of daily and weekly liquid assets a fund must hold, eliminate the link between weekly liquid assets (WLA) and the option to impose liquidity fees and redemption gates, and introduce a dynamic liquidity fee. This article describes some of the most important provisions of the reforms.
From artificial intelligence to digital assets, innovation is all the talk in finance. But as we think about the benefits of innovation and new financial products, it’s important to heed the lessons of the past. A particularly instructive example is the story of the London interbank offered rate, otherwise known as LIBOR.
On November 16, 2022, the New York Fed hosted the eighth U.S. Treasury Market Conference. This annual event is an opportunity for market participants, official sector representatives, academics, regulatory authorities, and other stakeholders to gather and discuss key developments, policy issues, and recent trends in the market for U.S. Treasury securities. It is co-sponsored with the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC), and after two years of virtual convenings was held in person again for the first time since 2019. Here are highlights from featured speakers and takeaways from the panel discussions.
For most, six trillion of anything is an unimaginable sum. In the world of foreign exchange (FX), $6 trillion of trading volumes is just a typical day in the market.
On Wednesday, November 17, New York Fed President John Williams spoke at the 2021 U.S. Treasury Market Conference, co-hosted by the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission.
On Monday, June 21, New York Fed President John Williams spoke at a meeting hosted by the Midsize Bank Coalition of America about the transition away from the London Interbank Offered Rate (LIBOR) and the economic outlook and recovery from the pandemic.
On Tuesday, May 11, New York Fed President John Williams spoke at a webinar hosted by the Alternative Reference Rates Committee about key principles to keep in mind in the transition off the London Interbank Offered Rate (LIBOR).
On Tuesday, September 29, New York Fed President John Williams spoke at the U.S. Treasury Market Conference about the importance of well-functioning financial markets and how the Fed has responded to recent episodes of volatility.
Key Takeaways from President Williams’s Speech on Central Banking, Financial Markets, and the Pandemic
On Thursday, July 16, New York Fed President John Williams spoke at the 16th Meeting of the Office of Financial Research’s Financial Research Advisory Committee about the Federal Reserve’s response to the current financial crisis.
On Monday, July 13, New York Fed President John Williams spoke at a webinar hosted by the Bank of England and the New York Fed about why the transition away from the London Interbank Offered Rate (LIBOR) is so important, and what still needs to be done between now and the end of next year.