The once quiet world of money-market funds has been right at the heart of the turmoil still engulfing the world markets.
The volatility of the last few weeks seems to suggest there is still plenty of hot money that can move in and out of markets. Last year’s concerns about money-market funds sprung from the banking failures of 2008 and regulatory fears that somehow the behaviour of the funds had exacerbated the illiquidity in the money markets with funds moving money between banks as the spotlight moved from one to another. Even some of the biggest names suffered bouts of nervous scrutiny as the turmoil raged on. Importantly, the European liquidity market has been able to withstand this scrutiny and dis...
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