The Price May Not Be Right!

Significant events that occur after a market has closed—but before the fund is valued—may lead to consumers buying a fund at an incorrect price due to stale pricing.

Although the Securities and Exchange Commission (SEC) has warned that when significant events occur, mutual funds may need to fair value, European regulators have not yet gone down this road.

However, arbitrage of investment funds is not purely a US problem: similar aspects of the time zone arbitrage also exist in Europe, as documented in a recent Deloitte & Touche report, ‘The Valuation of Globally Invested Portfolios.’

Besides eliminating time zone arbitrage, fair value pricing also

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