Sept. 18 (Bloomberg) – An institutional fund run by Bank of New York Mellon Corp. designed to work like a cash-market account fell to lower than $1 a share after losses on debt issued by bankrupt Lehman Brothers Holdings Inc.
I have long thought that the Phillip Cash Market Fund is one of the best MMFs obtainable available on the market. I know there are three other ones run by Legg Mason, Schroder and LionGlobal, but I believe if I am not mistaken, Phillip is simply marginally behind LionGlobal whereas offering much simpler access since idle money in your Phillip account is mechanically positioned in the Phillip MMF.
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IBD of commercial banks also take part within the Islamic Interbank Cheque Clearing System (IICCS) on the Bursa Malaysia Automated Clearing House (BMACH). At present these banks are required to maintain an IBD of clearing account on the Bank Negara on an Al-Wadiah Yad Dhamanah (guaranteed secure-custody) basis. Bank Negara Malaysia allocates and squares the positions of the excess and the deficit banks on the midnight clearing. Any surplus funds of the IBD of commercial banks on the midnight clearing are mechanically invested with the deficit banks.
a) Existence of Unorganized Cash Market. The most important defect of the Indian cash market in the existence of unorganized phase. In this segment of the market the purpose as nicely interval aren’t clearly demarcated. In truth, this section thieves on this attribute. This phase undermines the position of the RBI within the cash market. Efforts of RBI to convey indigenous bankers within statutory frame work have not yielded much consequence.