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Treasury Strategies Testifies on “Assessing the Impact of the Dodd-Frank Act Four Years Later” to the U.S. Congress

Anthony Carfang, Partner, Treasury Strategies, Inc. testified today at the U.S. House of Representatives on “Assessing the Impact of the Dodd-Frank Act Four Years Later.” Treasury Strategies supports the House’s Financial Services Committee efforts to ensure the Volcker Rule is implemented in a manner that supports a stable and robust financial system. However, we feel… Read more »

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Opinion: The Devil of Main Street Is in the Volcker Rule

The following is an op-ed written by Tom Quaadman, vice president of the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce. This week, five federal regulators met Treasury Secretary Jacob Lew’s directive to finish the Volcker Rule (named after former Federal Reserve Chairman Paul Volcker) by the end of the year.  Lew… Read more »

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U.S. Corporate Cash Jumps to All-Time Record

Bolstered by one of its largest quarterly increases on record, cash held by corporations in the U.S. rose by over 6% in the third quarter.  Corporate cash now stands at $1.925 trillion, up from $1.811 trillion at the end of June. Treasury Strategies’ analysis of data released this week by the Federal Reserve showed that… Read more »

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Corporate Treasurers Gripe About Inefficient Onboarding: Survey

Basic aspects of dealing with banks – opening a new account, configuring a lockbox, structuring file delivery, and so on – are too painful, according to a survey of corporate treasurers and banks released on Monday. Corporate clients said they experienced problems like lack of a clear view into the implementation process, poor communication with… Read more »

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Earnings Credit Rate Products Go Global

Earnings credit rate (ECR) programs, a long-time feature of U.S. business banking, are heading overseas. Banks are preparing to offer the products outside the United States in response to customer demand and because they think it will help them to comply with new measures of deposit stability to be imposed by Basel III. ECR arrangements… Read more »

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Costs of a Floating NAV: The SEC’s proposed change to money-market funds would cost an estimated $4.8 billion over 10 years. How much of that burden would fall on your business?

Consulting firm Treasury Strategies conducted a study for the U.S. Chamber of Commerce that pins a dollar figure on the impact to institutional investors of a move to a floating NAV for money-market funds: between $1.8 billion and $2 billion up front, then another $270 million to $280 million per year. Treasury Strategies came to… Read more »

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Calculators Offered to “Drive Discussion” with the SEC

LaRock told MMI that it is important for people to use the calculators to arrive at implementation-cost projections for a switch to VNAV MMFs and then communicate with the SEC. “This is not a topic people should be passive about. They should accept the SEC’s invitation to comment on this.” Money Market Insight 13mmi08.pdf

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Treasury Strategies Launches Regulatory Cost Calculator for Money Fund Users

The SEC is proposing changes that will require many money market funds (MMFs) to change from a constant $1.00 net asset value (CNAV) to a floating variable net asset value (VNAV). Treasury Strategies’ recent study, commissioned by the U.S. Chamber of Commerce, estimates the total cost for investors to move from a stable to a… Read more »

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U.S. Chamber Report Outlines Costs, Operational Challenges of Floating NAV for Money Market Mutual Funds

WASHINGTON, D.C.—A new U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) report released today finds that the operational complexity, systems alterations, and business process changes needed to support a floating NAV threaten the vitality of money market funds for most investors, including businesses and municipalities. The report titled, “Operational Implications of a Floating… Read more »

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