Proposed money market industry reforms are a "perverse mis-prioritization," say the independent...

|By:, SA News Editor

Proposed money market industry reforms are a "perverse mis-prioritization," say the independent trustees for Fidelity's funds ($432B in MM assets). Supposedly opaque money market holdings are a "beacon of light" compared to bank balance sheets, they say. Trying to stay ahead of regulators, several of Fidelity's competitors switched yesterday to daily reporting of NAVs.