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It Ain't Over Till Its Over - European Money Market Fund Reform Continues

Fund managers implementing money market fund (MMF) reforms are having to deal with last-minute changes requested by regulators. The reforms were meant to be concluded by January this year, but have now been pushed back to March.

Credit Hotspot: EU MMF Reform

Latest: Webinar: MMF Reform – Countdown to 2019


Open-Ended Bond Funds a Potential Risk to Financial Stability

Open-ended bond funds are a potential risk to global financial stability given their rapid growth and increasing liquidity mismatches and credit risk.
Financial Times: Fitch Flags Risks of Forced Sales for Bond Mutual Funds


Update on Delays to European MMF Reform Process

NOW available on-demand

During the webcast, Alastair Sewell, Fitch’s EMEA head of fund ratings, will update you on recent delays to fund conversions and what to watch now in a fast changing environment for MMF investors. He will also discuss options for euro fund investors and the behaviour of funds already converted to the new fund types. Register Now


What to Watch in Money Market Funds Reform

Alastair Sewell, Senior Director, Fund & Asset Manager, Fitch Ratings talks about Chinese and European Market Reform, US MMF Tax implications and Brexit sensitivities. He speaks on "Bloomberg Markets: Rules and Returns".


China's Digital Economy a Key Driver of Money Market Fund Growth: Fitch

Alastair Sewell, Senior Director at Fitch Ratings, discusses the regulatory landscape for money market funds.

2019 Outlook

Fitch Ratings 2019 Outlook: Global Money Market Funds

European money fund reform will reach completion in 2019, regulatory intervention will likely persist in China where assets have seen significant growth, and U.S. MMFs, having adjusted to 2016 reforms, could benefit from rising rates and the return of foreign cash.


How China's Regulatory Reforms are Impacting Money Market Funds

Regulatory tightening is causing outflows from money market funds, says Alastair Sewell, Head of Fund and Asset Manager Group for EMEA and APAC, Fitch Ratings.
Bloomberg: China Money Market Funds Set to Grow

European ABS Fund Dashboard 2H18

Dedicated asset-backed security (ABS) funds are emerging as a niche investment segment in the European fund market. Fitch Ratings estimates that assets under management in these funds were about EUR30 billion at end-June 2018.

Chinese MMF Concentration Risk

The Chinese money market fund (MMF) industry will continue to diversify due to sustained regulatory intervention. However, the industry remains highly concentrated, with 27% of total assets held in the three largest funds as of end-June 2018.

Rate Rise Benefits Sterling Liquidity Investors, Managers

Today's UK base rate hike to 0.75% from 0.50% is positive for short-term sterling investors and money market fund providers. The ultra-low duration of liquidity, or money market, funds means that rate rises have limited effects on asset values while allowing such funds to quickly reset to the new rate environment.

Webcast on Fitch's Proposed Changes to Short-Term Ratings

Fitch is proposing changes to its approach in assigning Short-Term ratings and wants to hear your feedback. The proposal considers ways to offer a more differentiated analytical view of short-term risk between issuers, including changes to the correspondence table between Long-Term and Short-Term ratings. View More

Fitch Publishes End-May 2018 STBF Compare

Fitch Ratings has published its end-May 2018 short-term bond fund (STBF) Compare, which covers close to EUR60 billion equivalent assets under management across 21 Fitch-rated short-term bond funds.

rating action

Fitch Rates Barings USD Liquidity Fund 'AAA(mmf)'

As the fund has only recently been launched, its current portfolio composition may not yet be reflective of its investment guidelines or target portfolio composition. Therefore, Fitch will monitor the fund closely during the first few months of its existence as it moves towards its eventual portfolio construction.

Fitch Publishes Cross-Sector Discussion Paper on Short-Term Ratings

Fitch published a Discussion Paper exploring possible changes to its approach in assigning short-term ratings, including the current correspondence table between Long-Term and Short-Term Issuer Default Ratings (IDRs). We are considering ways to offer a more differentiated analytical view of short-term risk between issuers. Fitch is seeking feedback from market participants by October 31, 2018.

Fitch Debuts European Money Fund Reform Dashboard

Fitch Ratings has published the first edition of its European money market fund reform dashboard. As the final implementation of the European reforms approaches Fitch will publish regular updates on the latest developments in the European money fund sector.

Teleconference Replay

Teleconference: Fitch Expects to Rate SWC Funding LLC (a PE CFO)

Fitch's Fund and Asset Managers team hosted a teleconference to discuss the ratings analysis of SWC Funding LLC.
Speakers: Greg Fayvilevich - Senior Director, Head of U.S. Fund & Asset Manager Ratings, Brian Knudsen - Associate Director, Fund & Asset Manager Ratings

Webinar Replay

European Money Market Fund Reform Implementation and Outlook

Fitch Ratings held a webinar on the European money market fund reform implementation and outlook. Speakers: Alastair Sewell, Senior Director, Fund and Asset Management


Listen to Replay

Fitch Assigns SWC Funding Expected Ratings; Issues Presale

Fitch Ratings has assigned expected ratings to the liquidity facility and notes issued by SWC Funding LLC (SWC Funding) as noted below. SWC Funding is a collateralized fund obligation managed by Sightway Capital, LP (Sightway), which is an affiliate of Two Sigma Investments, LP. (Two Sigma). 

Lloyds Contract a Big Prize for Squeezed Asset Managers

The contract to manage GBP109 billion of assets for Lloyds Banking Group offers a rare opportunity for investment managers to bid for such a large mandate, with the prospect of gaining significant scale benefits.

Green Bond Funds Not Immune to Conventional Bond Risk

Alastair Sewell from Fitch's NBFI group discusses recent developments in sustainable investment funds, with a focus on green bond funds' exposure to credit and market risk. This video originally formed part of Fitch's 2018 Viking Tour.

China's Tighter MMF Regulations Won't Halt Sector Growth

One effect of the changes will be to discourage retail clients from viewing and using their MMF investments like bank deposits, but there will be only a limited impact on most investors, and, moreover, there is a lack of competing investment products for clients. 

European Money Fund Reform

European money fund reform is coming soon. While it will mean changes for corporate treasurers, we do not expect as significant flows as in the US.

Webcast: How to Prosper Under EU MMF Rules

Listen again to the Ignites Europe webcast featuring Fitch's Alastair Sewell, Regional Head of Fitch Ratings’ Fund and Asset Manager Group for EMEA and APAC on how to prosper under EU money market fund rules. To access re-type your company name in the Membership ID field.


Alastair Sewell


Alastair Sewell


+44 203 530 1147

Sing Chan Ng


Sing Chan Ng


+65 6796 7210

Etienne Sabot

EMEA (French Speaking)

Etienne Sabot


+33 144 29 92 70

David Turner


David Turner


+44 203 530 1147

Kathleen Plunkett


Kathleen Plunkett


+44 203 530 1435

Davie Rodriguez


Davie Rodriguez


+1 212 908 0386

Diego Alcazar


Diego Alcazar


+1 212 908 0396

Greg Fayvilevich


Greg Fayvilevich


+1 212 908-9151

Constantine Schidlovsky

North America

Constantine Schidlovsky


+1 212 908 0718

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