IMMFA Insights

The IMMFA Insights aim to give an introduction to a range of money market fund topics.

IMMFA - Insights on Tokenised Money Market Funds and Regulated Stablecoins: Characteristics, Communalities and Differences

This Insight piece provides a comparison of tokenised MMFs and regulated stablecoins. The paper recaps the definition of a traditional MMF, a tokenised MMF (tMMF) and a stablecoin, and then goes on to outline the key similarities and differences. These include use cases, backing assets, economics, settlement and transferability. The paper emphasises that although the two products share certain fundamental characteristics, there are also important distinctions. Communalities include being DLT based, maintaining a stable value and being backed by high quality assets. Differences include primary use case, legal classification, economic return or lack thereof, settlement and transferability.
Given the expected growth trajectory for both products and the interlinkages between them, which we also discuss, we trust the paper will provide helpful context.

Download - IMMFA - Insights on Tokenised Money Market Funds and Regulated Stablecoins: Characteristics, Communalities and Differences

IMMFA White Paper on Tokenisation of Money Market Funds Part 2: ‘What has been achieved so far'?

This short paper follows on from our previous white paper published in February 2025 which outlined some of the definitional building blocks of tokenised MMFs. This paper goes on to consider the implications for the applicability of Money Market Fund Regulation and to clarify some more of the terms and concepts currently being used and how these are being applied.
As we previously noted, tokenisation brings a number of potentially transformative benefits. Most notably amongst these is reduced operational friction which will significantly enhance fund portability (the transfer of ownership, in common parlance). This is expected to facilitate new uses of MMFs, including as margin collateral, thereby attracting new investors.
In particular, we look at the distinction between what are often termed native and non-native tokenised MMFs (although other terms are also used), and third party and issuer driven tokenisation processes.
We close by suggesting the most likely evolution for IMMFA members offering tokenised MMFs and noting that the regulatory regimes to support the technology vary considerably from one to jurisdiction to another.

Download - IMMFA White Paper on Tokenisation of Money Market Funds Part 2: ‘What has been achieved so far'?

IMMFA White Paper on Tokenisation of Money Market Funds

This white paper looks at how the evolution of digital assets is relevant to the Money Market Fund (MMF) industry, identifying areas where technology advancements can increase the attractiveness and broader application of the asset class. It will focus particularly on the concept of fund tokenisation and consider more specifically how MMF tokenisation could bring benefits for money market investors and the broader functioning of the markets, as well as reducing operational frictions. We look at the use case for MMFs as margin collateral and share our Member views on timelines and plans for MMF tokenisation.

Download - IMMFA White Paper on Tokenisation of Money Market Funds

IMMFA Insights – SFDR Implementation – What is the Impact on Money Market Funds?

The EU Sustainable Finance Disclosure Regulation (SFDR) came into effect on the 10th March 2021 with the aim of providing a standardised classification framework for financial products to support investors comparing sustainability characteristics.

This Insight paper looks at the impact of SFDR on Money Market Funds, the key dates in implementation, and what investors should be mindful of when looking at MMFs in the context of environmental, sustainable and governance (ESG) factors.

Download - IMMFA Insights – SFDR Implementation – What is the Impact on Money Market Funds?

IMMFA POSITION PAPER: Impact of COVID-19 Pandemic on European Money Market Funds Sector

This IMMFA Position Paper outlines the impact of the COVID-19 pandemic on the European Money Market Funds (MMFs) sector. Focusing in particular on IMMFA MMFs, the paper highlights that while MMFs, like many other fund sectors, were adversely affected by the market-wide lack of liquidity, the reforms introduced under the 2017 European Money Market Fund Regulation ensured that MMFs remained resilient in these challenging circumstances.

Download - IMMFA POSITION PAPER: Impact of COVID-19 Pandemic on European Money Market Funds Sector

IMMFA Insights – BREXIT and “no deal”

Investors have asked what will happen to IMMFA funds if there is a “no deal” Brexit. This explains the arrangements that have been put in place.

Download - IMMFA Insights – BREXIT and “no deal”