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» Organizational structures and policies themselves can serve as risk controls. Segregation of duties, independence of control functions from business lines, and the use of committees or other, more informal approaches for breaking down silos between business units or departments are among a variety of organizational practices that may facilitate effective risk management. Although there is a tension between segregating functions and breaking down silos to facilitate information exchange, risk management requires a bit of both | ICI RESEARCH REPORT Pricing of U.S. Money Market Funds January 2011 The Investment Company Institute is the national association of U.S. investment companies including mutual funds closed-end funds exchange-traded funds ETFs and unit investment trusts UITs . ICI seeks to encourage adherence to high ethical standards promote public understanding and otherwise advance the interests of funds their shareholders directors and advisers. Members of ICI manage total assets of 12.31 trillion and serve over 90 million shareholders. Pricing of U.S. Money Market Funds Contents Summary and Key Findings.1 Introduction.5 Understanding Money Market Fund Pricing.6 Rule 2a-7 Risk-Limiting Provisions.6 Amortized Cost Method Used to Calculate Stable 1.00 NAV.7 Allowable Deviations of Per-Share Market Value.9 Amortized Cost Is Normally a Close Approximation of Market Value.10 Factors That Affect Per-Share Market Values.10 Changes in Interest Rates.12 Weighted Average Maturity.14 Net Inflows and Outflows.16 Combining the Effects of Interest Rate Changes and Net Flows.19 Credit Events.20 How Have Funds Shadow Prices Behaved Historically .24 Summing Up the Historical Evidence on Money Market Funds Shadow Prices.30 Notes.31 Glossary of Money Market .
