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Earnings credit rate (ECR) programs, a long-time feature of U.S. business banking, are heading overseas. Banks are preparing to offer the products outside the United States in response to customer demand and because they think it will help them to comply with new measures of deposit stability to be imposed by Basel III. ECR arrangements
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Consulting firm Treasury Strategies conducted a study for the U.S. Chamber of Commerce that pins a dollar figure on the impact to institutional investors of a move to a floating NAV for money-market funds: between $1.8 billion and $2 billion up front, then another $270 million to $280 million per year. Treasury Strategies came to
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LaRock told MMI that it is important for people to use the calculators to arrive at implementation-cost projections for a switch to VNAV MMFs and then communicate with the SEC. “This is not a topic people should be passive about. They should accept the SEC’s invitation to comment on this.” Money Market Insight 13mmi08.pdf
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The SEC is proposing changes that will require many money market funds (MMFs) to change from a constant $1.00 net asset value (CNAV) to a floating variable net asset value (VNAV). Treasury Strategies’ recent study, commissioned by the U.S. Chamber of Commerce, estimates the total cost for investors to move from a stable to a
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WASHINGTON, D.C.—A new U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) report released today finds that the operational complexity, systems alterations, and business process changes needed to support a floating NAV threaten the vitality of money market funds for most investors, including businesses and municipalities. The report titled, “Operational Implications of a Floating
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“It could be a highly profitable activity for Blackstone,” said Anthony Carfang, a partner at Treasury Strategies Inc., a Chicago-based treasury consulting firm. “The investment management business is highly scalable.” U.S. corporate cash increased to $1.79 trillion at the end of last year from $1 trillion in 2000, according to an April 4 report
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Click here to view the most recent video from the Wall Street Journal series called “The Experts.”
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“A lot of treasurers are now thinking that at some point we’re going to see an increase in these rates, and that point is getting closer and closer,” said Anthony Carfang, partner at Treasury Strategies Inc., which advises corporate treasurers. For treasurers that hold long-dated assets, “they don’t want to get caught holding a ten-year note with a 2%
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Laurie McCulley, a partner at the Treasury Strategies’ consultancy, corporate technology practice unit, believes that the new SIP requirements are a positive but bold step, which will definitely lead to change in the marketplace: “The certification will be good for the SSBs that are able to comply,” she says. “SWIFT is being very aggressive here
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A session entitled ‘Treasury payments – the journey towards centralisation’ saw Monie Lindsay, managing director of consultancy group Treasury Strategies Inc (TSI), suggest that from a corporate perspective treasury payments are steadily becoming blended with other payments. “Centralisation has being occurring for a while and both the 2008 financial crisis and SEPA have merely accelerated
