Brokerage Firms Pressure SEC on Money Market Reform
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- Major brokerage firms continue to apply pressure on the SEC to alter its planned money market fund reform. Fidelity, Charles Schwab, and BlackRock have all come out against reform. Fidelity has stated that if the reform is left unchanged, they would like pull their tax-exempt money market funds as a product. The main points of contention are centered on the proposed definition of a “retail investor” and the institution of a floating NAV for prime institutional funds.
- E*Trade released its monthly activity report for August, reporting an additional 30,132 gross new brokerage accounts. Daily Average Revenue Trades increased to 147,517, representing a five percent increase from July and a 21 percent increase from a year ago.