Robert Toomey, managing director and associate general counsel for SIFMA’s Government and Funding Division, said that these guidelines were designed to further the efficient trading of money market instruments. “Although the Guidelines are non-binding, we recommend that all parties trading in money market instruments abide by these Guidelines,” he added. “An efficient, liquid market is critical to the smooth functioning of the money markets, and we believe that the revised Guidelines provide needed updates and are reflective of current market good practices.”
The Guidelines are broken out into three primary areas:
- Promoting an Efficient and Liquid Market
- Controls and Procedures
- Settlement and Fails
A full copy of the new Guidelines can be found by clicking on http://www.sifma.org/services/stdforms/standard_forms.html#moneymarket or on the SIFMA Website at www.sifma.org.
