BELGIUM - Money-market funds have become the latest vehicle to be processed on Euroclear's cross-border fund-processing platform, FundSettle.
FundSettle hosts around 110 money-market funds, denominated in euros, dollars and sterling.
Barbara Vuylsteke, director, investment fund product management at Euroclear Bank, said: The acceptance of money-market funds on FundSettle broadens the range of operational efficiencies that we can offer the fund industry, specifically to facilitate liquidity management.”
Money-market funds invest primarily in certificates of deposit, commercial paper and bankers' acceptances. As a result, they are used mainly for short-term treasury operations. Most money-market funds settle on trade date and accrue dividends on a daily basis, which are usually paid at the end of each month.
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