iMoneyNet Money Market Xchange (MMX)  
'Navigating the New Normal: Flows, Factors, and Forecasts'


 

Canoe Studios | New York City

October 12th |
iMoneyNet Money Market Xchange (MMX) 

Join our experts at Canoe Studios in New York City for the latest installment of iMoneyNet Money Market Xchange (MMX): ‘Navigating the New Normal: Flows, Factors and Forecasts’. Formerly known as Money Market Expo, it is the longest-running educational and networking event for the money fund industry, investors, securities issuers and service providers. There will be unmissable discussion on money fund reform, the changing interest rate landscape, and the impact of ultra-short duration bonds in the industry. 

Since February 2020, Money Market Funds globally have seen assets under management grow by $1.4 trillion, and this year’s MMX will take place as the US Money Fund industry is facing a new round of reforms, interest rates in Europe and North America are climbing off the floor and alternative liquidity vehicles such as ultra-short-term bond funds gain traction.

Business conference
 

Program

iMoneyNet MMX - October 12th

9:00 

Registration

9:30

Introduction
Rob Bourgeois, Senior Liquidity Strategist (Charles Schwab Investment Management)
Brian Reynolds, Chief Market Strategist (Reynolds Strategy, LLC)

9:40

Keynote Address
Kathy Jones, Managing Director, Chief Fixed Income Strategist (Charles Schwab)
 

10:20

Current State of Industry - Regulation/Rising Rates
Stephen Cohen, Partner, Financial Services & Investment Management (Dechert)
Rich Rokus, Managing Director, Senior Portfolio Manager (Great Lakes Advisors)
Scott Wachs, Global Head of Liquidity Product (Morgan Stanley Investment Management)


Where we have been, and where we are going. This session will cover short-term rates, credit markets and regulatory reform with the latest information available. For the past two-and-a-half years it has been the best of times and the worst of times for the US Money Market Fund industry. The shock delivered by the Covid-19 pandemic and its aftermath convulsed short-term funding markets, drove assets under management to an all-time high, crushed interest rates, prompted the SEC to push for a new round of reforms and triggered the creation by the Federal Reserve of a dedicated facility for MMFs. Now, going into final months of 2022, the industry is navigating the highest US interest rates since 4Q18 and the highest inflation rate since the 1980s. What challenges face the industry in 2023?

11:10

Break
Sponsored by ICD

11:30

Product Session - Ultrashorts/ESG/ETF
Joseph Madrid, Head of Credit Portfolio Management (Invesco)
Garret Sloan, Head of Commercial Paper Origination (Wells Fargo Securities)
James Palmieri, Managing Director, Senior Portfolio Manager, Head of Structured Credit (SSGA)


Investment professionals discuss alternatives to money market funds, as well as alternative investment strategies within money market funds. Are Money Market Funds flexible enough to meet evolving client needs? Are they green enough? As a generation whose investing preferences lean heavily towards ETFs and whose investing philosophy is colored by environmental, social and governance (ESG) principles start to fill corner offices and C-suites, MMF providers find themselves embracing new vehicles such as Ultra Short Term Bond Funds and rethinking aspects of their investment philosophies.

12:15

Lunch / Networking

1:15

PM Roundtable
Deborah Cunningham, EVP, CIO Global Liquidity Markets, Senior Portfolio Manager (Federated Hermes Inc)
Mohammed Kahn, Senior Municipal Research Analyst (Dreyfus)
Geoffrey Gibbs, Managing Director, Head of Liquidity Management, Americas (DWS)
Kerry Pope, Portfolio Manager (Fidelity)


Portfolio managers discuss strategies for managing liquidity products in an ever changing world of SEC reforms, inflation, and rising rates. For MMF managers, decisions about their portfolios over the last 18 months have started with utilization of the Fed’s Overnight Reverse Repo Facility (ONRRP). But, with interest rates rising – and credit risks with them – managers looking for alternatives to ORRP need to be creative as they wrestle with supply and demand mismatches at the front end of the curve.

2:10

Ratings Roundtable
Peter Gargiulo, Director, Funds & Asset Management (Fitch Ratings)
Guyna Johnson, Senior Director, Analytical Manager (S&P)
Dean Ungar, Vice President (Moody's Investors Service)


Ratings and Investment Trends in the Money Market Fund Industry. Predictions that the Covid-19 pandemic and rising interest rates will dramatically shrink the pool of highly rated assets have – so far – proved premature. But demand for the existing pool remains high, and any shrinkage will add to the challenges facing MFF portfolio managers.

2:45

Break

3:15

US Treasury Review
Tom Katzenbach, Senior Debt Manager (US Treasury)

3:35

Money Market Outlook
Teresa Ho, Managing Director (JPMorgan)
Matt Jones, Head of Liquidity Distribution (Western Asset)


This session discusses the outlook of the money market by assessing the potential impact the Fed, MMF reforms and various regulatory policies could have on the industry. From a MMF perspective, the volatility that some sectors had to deal with in 1H20 was a symptom of underlying issues with US short-term funding markets. But key regulators believe the opposite is true and that they have a duty to act. As a result, the industry fears that the stage is being set for another appearance by the law of unintended consequences.

4:15

Is 2023 the year the US money fund industry slips the short leash?
Cameron Brandt, Director of Research (EPFR)
Brian Reynolds, Chief Market Strategist (Reynolds Strategy, LLC)


Going into the fourth quarter of 2022 the weighted average maturities of US taxable money market funds stood at a historic low. Rising interest rates, regulatory constraints – real and anticipated – and the utilization of the Fed’s repo facility have combined to keep the industry’s ‘animal spirits’ well and truly caged. Will 2023 be different and, if so, how? 

5:00

Cocktail Reception

 

Speakers

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Sponsors

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The Venue

Canoe Studios NY

601 W 26th St, New York, NY 10001, United States

We are hosting the MMX event at the popular Canoe Studios in New York City with breathtaking views of Upper and Lower Manhattan, as well as the Hudson River.

 

iMoneyNet Money Market Xchange (MMX) | October 12th
 

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What

iMoneyNet

MMX 

When

Ocotober 12th

2022

Where

Canoe Studios 

New York

To learn more, don’t hesitate to get in touch