New Capabilities Will Assist Clients in Addressing New Money Market
Reform Rules
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors, today
announced that it has developed a suite of money market fund services
designed to help advisors comply with new amendments to the Rule 2a-7
regulations governing money market funds. These new capabilities help
funds manage new liquidity, maturity and credit quality guidelines for
disclosure and reporting.
“This comprehensive suite of money market fund services is specifically
designed to help advisors meet the requirements of the regulations
without having to invest in additional infrastructure,” said Alan
Greene, executive vice president of Global Services for State Street
Corporation. “State Street’s solution provides a range of stress tests
to help clients assess the stability of their portfolios in times of
market turmoil, as well as new calculations, reporting and filings to
help clients meet all of the new SEC guidelines.”
The new capabilities include new weighted average life (WAL) calculation
and a monthly portfolio of investment statements and data. State Street
will also aggregate data to prepare the new Form N-MFP for SEC filing on
a monthly basis. The stress tests detail fund performance in response to
hypothetical market scenarios, supplying fund managers with the
analytical information necessary to assess a fund’s ability to maintain
a stable NAV. Pre-set scenarios that are tested include interest rate
shifts, increased shareholder redemptions, downgrades or defaults on
portfolio securities, widening and narrowing of spreads, and
“combination events” – i.e., an amalgamation of interest rate,
credit and liquidity tests. The analytics package can also perform
historical stress tests based on past crisis events, such as assessing
the impact of the market events of September 2008 on a fund’s current
portfolio holdings. These stress tests can be generated on a monthly,
weekly or daily basis. Additionally, clients can access the advanced
capabilities of State Street’s risk experts for support and consulting
if required.
About State Street investment Analytics
State Street’s Investment Analytics team offers services through global
locations including Alameda, Amsterdam, Boston, Dublin, Edinburgh,
Frankfurt, London, Luxembourg, New York, Paris, Sydney, Toronto and
Zurich. It calculates performance for over 1100 clients globally on
asset volumes exceeding $6.5 trillion.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors, including
investment servicing, investment management, and investment research and
trading. With $19 trillion in assets under custody and administration
and $1.9 trillion in assets under management at March 31, 2010, State
Street operates in 25 countries and more than 100 geographic markets
worldwide. For more information, visit State Street at www.statestreet.com.
Source: State Street Corporation
Contact:
State Street Corporation
Alicia Curran Sweeney, + 1 617-664-3001