IMMFAInstitutional Money Market Funds Association (trade association; est. 2000; UK)
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References in periodicals archive ?
IMMFA said that it would launch an Asia sub-committee to bring best practices to the region's money market funds.
Jennifer Wong, vice-chair of the IMMFA Asia sub-committee and head of liquidity sales and business development at HSBC Global Asset Management (LSE: HSBA), said, 'IMMFA felt the need to set up a sub-committee because of the growing interest in money market funds coupled with a lack of education about what these funds are in Asia.
The more conservative of the two categories, the short-term money market fund, has a maximum WAM of 60 days and a maximum WAL of 120 days, in line with 2a-7 and IMMFA's Code of Practice.
"The real benefit is that certain essentially short-duration bond funds, which were describing themselves as money market funds, are now not allowed to do so," says IMMFA chairman Travis Barker.
Rather than bringing harmonization, the new definitions therefore introduce some degree of conflict with global standards: A money market fund under 2a-7--or indeed under IMMFA's Code of Practice--would be classified as a short-term money market fund under CESR.