More stringent rules to prevent “runs'' on money market funds have been proposed by US securities regulators after the financial crisis raised concerns about a sector traditionally considered among the safest.
Money market funds, which hold roughly $3,800bn in investor assets, have often been considered by investors to be as safe as cash, as they aim to maintain a stable net asset value of $1 per share.
But the sector went into crisis in September when one fund, the Reserve Primary, “broke the buck” – the value of investors' money fell below the amount put in – following the collapse of Lehman Brothers.
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