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Several MMFs to Disclose Market-Based NAV Daily

Several money market funds have announced that they will start disclosing their market-based NAV on a daily basis, including funds run by Fidelity, Goldman Sachs, JP Morgan, Blackrock and BNY Mellon.  Goldman began making disclosures for three of its U.S. money funds last Wednesday.  Under current law, funds are only required to disclose their market-based net asset values (or shadow NAV) to the SEC on a monthly basis. The SEC then makes this information available to the public with a 60-day lag.

It is unclear how, if at all, these new disclosures will impact the ongoing money market fund reform debate. The Wall Street Journal reported:

"Robert Deutsch, head of J.P. Morgan's global liquidity business, said the debate in Washington didn't weigh on J.P. Morgan's decision, though he hopes the move will be helpful as discussions continue over money-fund rules.

David Fishman, co-head of Goldman Sachs's global liquidity-management business, said his firm's move "should open up the dialogue" with regulators.

A spokesman for the SEC said new Chairman Elisse Walter "is encouraged when industry voluntarily takes steps to provide greater transparency for investors" as staff continues to explore money-market fund overhaul."