The Institutional Money Market Funds Association (IMMFA) has hastened to reassure jittery investors after last month’s collapse of Lehman Brothers resulted in a US-domiciled fund ‘breaking the buck’ for the first time in 14 years.
The SEC is proposing to reduce the use of credit ratings throughout its rules. The US regulator is concerned that investors are placing undue reliance on credit ratings and may interpret their use in laws and regulations as an endorsement of the quality of the ratings.
FTSE 350 companies are rethinking the assumptions they typically use in valuing their pension schemes and reviewing the methods of selecting discount rates, according to consultancy and investment services group Mercer.
Despite the promised benefits of the Single Euro Payments Area (SEPA), Europe’s banks are still paying dearly for failed international payments, according to banking software supplier Misys.
