Money market funds won concessions this week after the European Commission watered down some of its proposed regulatory changes for the sector. But participants were still dismayed after a change that they say will destroy a major part of the industry was not dropped but merely put on hold for three years, writes Craig McGlashan.
The funds — which hold 38% of the short term debt issued by the banking sector, according to EC figures — have been under scrutiny by regulators on both sides of the Atlantic over the last five years, ever since the default of the Reserve Primary Fund, a
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