Colin Cookson of AvivaRegulators on both sides of the Atlantic have been looking at ways of making the money market fund industry more robust, and one of the options they’ve focused on is moving from a stable, or constant, net asset value (CNAV) model to a floating or variable (VNAV) model.

The prospect of a move to floating NAV faltered in the U.S. in August when Securities and Exchange Commission Chairman Mary Schapiro called off a vote on proposed reforms to money-market funds that included moving to a floating NAV and imposing a capital buffer. Nevertheless, regulators in both the U.S. and Europe continue to focus on a floating NAV as a possible outcome. In October, the International Organization of Securities Commission published a report that suggested, among other things, that stable NAV funds should be converted to floating NAV where workable.


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