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Money-market funds' Covid turmoil exposed gaps in post-crisis reforms, BOE's Bailey says

By Fiona Maxwell ( May 12, 2021, 16:21 GMT | Insight) -- Regulators have a second chance to reform money-market funds as the rules put in place after the 2008 financial crisis didn't finish the job, Bank of England Governor Andrew Bailey said today. He called for stringent reforms to prevent a repetition of the March 2020 "dash for cash" episode, including amending post-crisis reforms that may have created unintended consequences by encouraging investors to move first.Last year's "dash for cash" in money-market funds and other parts of the shadow banking sector revealed a serious gap in financial rules put in place after the 2008 global crisis and exposed some potential unintended consequences, the Bank of England's governor has warned....

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