Money market funds (MMFs)
FICC-cleared MMF repos hit record share in December
Trades routed via clearing house hit $1.3trn, outpacing overall MMF repo expansion
How Bessent learned to stop worrying and love the T-bill
Short-dated issuance shows no signs of slowing. Some fear it could end badly.
How window-dressing distorts US repo markets
Banks crush their repo balances periodically to massage systemic indicators, with far-reaching consequences for borrowing rates
Destabilising: is stablecoin deposit drain a bank funding risk?
While some fear a trillion-dollar flight to stablecoin, others doubt crypto is an existential threat for banks
FICC takes record bite from MMF repo investments
Funds shift cash from the Fed’s ON RRP as cleared repos hit $1.11trn
BlackRock and DRW execs bullish on tokenisation potential
DRW’s Don Wilson expects every instrument to be traded on-chain in five years’ time
US MMFs clear record 37% of repos through FICC
Trades executed via sponsored model reach $1.1 trillion in July
FICC’s new clearing model sparks praise – and intrigue
Some think collateral-in-lieu concept could be applied to a wider range of trades, beyond MMF repos
EU firms fear dollar liquidity becoming tariff bargaining chip
Eurozone banks rely on dollars for 17% of funding; trade war escalation could affect access
The case for believing in a Bessent put
Money market funds could prove critical in efforts to control 10-year yields
No need for repo clearing ‘cannon’ in Europe, says industry
Observers question rationale for a clearing mandate, calling for clearer incentives
JSCC plans to open JGB clearing to foreign investors
Clearing house aims to boost cleared market liquidity in Japanese government bonds
US MMFs retrenched to Fed repos as 2024 wrapped up
Allocation needs trump yields, boosting RRP exposure by 125% in December
US MMFs clear record one-third of repos via FICC
Trades executed through sponsored access hit a $865 billion high at end-2024
US MMFs tilted from repo to cash USTs in November
Outright allocations captured growing share of funds’ record cash pile
US MMF investments near $7trn amid short-term yield chasing
Surging inflows led some managers to turn to Fed’s RRP facility for risk-free cash allocation
FICC captures record share of US MMF repos
Fed facility sees continued outflows as funds redirect assets
Four US MMF managers return to Fed repos in May
Fidelity and American Funds among managers opting to increase investments in RRP
MMF margin adoption needed to boost tokenisation efforts
Instruments must be more widely accepted as initial margin for new tech initiatives to take off, says JPM exec
US MMFs’ cleared repos top half-a-trillion dollars
FICC-routed transactions increased 52% in the 12 months to April
Industry urges focus on initial margin instead of intraday VM
CPMI-Iosco says scheduled variation margin is better than ad hoc calls by clearing houses