Your browser does not support JavaScript!

Vulnerabilities from non-bank financing intermediation (MMFs, open-ended funds, commodities trading…)  

Day 3 Morning

Friday 09 September

Room :



Martin Moloney
Secretary General - International Organization of Securities Commissions (IOSCO)
Public Authorities
Francesco Mazzaferro
Head of the Secretariat - European Systemic Risk Board (ESRB)
Sarah Pritchard
Executive Director, Wholesale Markets - Financial Conduct Authority (FCA)
Jérôme Reboul
Head of the Regulatory Policy and International Affairs Directorate - Autorité des Marchés Financiers (AMF)
Derville Rowland
Director General Financial Conduct - Central Bank of Ireland
Industry Representatives
Andy Blocker
Global Head of Public Policy - Invesco
Dennis Gepp
Senior Vice President, Managing Director and Chief Investment Officer, Cash - Federated Hermes (UK) LLP
Ann Prendergast
Senior Managing Director and Head - State Street Global Advisors Ireland

Objectives of the session

This session will first discuss the main measures that have been proposed by the EU and international authorities for enhancing the resilience of money market funds (MMF) and the next steps of the review of the MMF regulation in the EU.

The panel will also assess the potential vulnerabilities arising from other non-bank financing intermediation (NBFI) activities, in particular open-ended funds, and whether further regulatory measures are needed for tackling these risks, such as the extension of liquidity management tools proposed in the context of the AIFMD review.

While the measures proposed in the EU will be the main focus of the discussion, the measures proposed at the global level and in other jurisdictions will be touched on.

Points of discussion

  1. Money Market Funds (MMFs): Which policy options being considered by the EU and international authorities seem most effective for enhancing the resilience of MMFs, while preserving their functions? Do certain measures raise specific concerns? Are certain measures missing? Can the liquidity risks posed by MMFs be addressed without reforming the underlying short term paper market to make short term paper more liquid? Does the normalization of interest rates have specific impacts on MMFs and does this change the perspective on possible MMF reforms in any way?
  2. Open-Ended Funds (OEFs): What are the open-ended fund categories besides MMFs that remain exposed to significant liquidity risks? How significant are the vulnerabilities from OEFs and to what extent are they addressed in the context of the AIFMD review? Should improvements in the functioning and structure of underlying markets, particularly bond markets, be considered to mitigate remaining liquidity risks associated with OEFs? Can the EU learn from the way liquidity issues posed by OEFs are being addressed in other jurisdictions and at the international level?