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Overview and inventory of french funds' liquidity management tools: Dynamic view since 2017 and update as at mid-2021

Author

Listed:
  • Pierre-Emmanuel Darpeix
  • Nicolas Même
  • Natacha Mosson
  • Marko Novakovic

Abstract

This article presents an update of the analysis of French-domiciled funds’ prospectuses carried out jointly by the Autorité des marchés financiers and the Banque de France (Darpeix, LeMoign, Même, Novakovic, 2020). The first contribution of this new study is to bring a time dimension to the study of the deployment of liquidity management tools in investment funds since the implementation of the recommendations of the Financial Stability Board (2017) and of the International Organization of Securities Commissions (2018). These tools, introduced into the French regulatory framework, are a response to the financial stability issues that have been identified concerning liquidity in investment funds around the world. The second contribution of this article is to allow for a granular assessment of LMTs’ uptake, by fund type and according to various fund characteristics (funds serving as units for unit-linked insurance products, employee savings funds, ETFs, regulatory nature - UCITS or AIFs-) via merges with other databases. The main result from this article is that even if a progression of the deployment is indeed observed in certain categories of funds, there is still to this day a significant margin of improvement for the liquidity management tools to become a market standard for French investment funds

Suggested Citation

  • Pierre-Emmanuel Darpeix & Nicolas Même & Natacha Mosson & Marko Novakovic, 2021. "Overview and inventory of french funds' liquidity management tools: Dynamic view since 2017 and update as at mid-2021," Working papers 845, Banque de France.
    • Handle: RePEc:bfr:banfra:845
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/wp845-en.pdf
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    References listed on IDEAS

    as
    1. Pierre-Emmanuel Darpeix & Caroline Le Moign & Nicolas Même & Marko Novakovic, 2020. "Overview and Inventory of French Funds' Liquidity Management Tools," Working papers 775, Banque de France.
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      More about this item

      Keywords

      Investment fund; prospectus; Liquidity Management Tools; text-mining.;
      All these keywords.

      JEL classification:

      • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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