LONDON (Reuters) - Regulators will propose changes to money market funds next year after pandemic lockdowns in March highlighted how the $6.9 trillion sector struggled under severe stress, a report said.
The Financial Stability Board (FSB), which coordinates financial rules for the Group of 20 Economies (G20), said in a report on Tuesday to G20 leaders meeting this week that the turmoil in markets in spring exposed vulnerabilities throughout the financial sector.
It set an “ambitious” work plan, with policy proposals to enhance the resilience of money market funds due in mid-2021, along with a study of margining practices. Work on open-ended funds and bond markets would stretch to 2022.
Money market funds holding non-government assets saw big outflows in the United States and Europe.
Central banks and securities regulators at the FSB have clashed in the past over funds, with central bank attempts to clone bank capital and liquidity rules rebuffed by market watchdogs.
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