The European Securities and Markets Authority (ESMA) published, on Wednesday 30 November, the Final Report on the 2022 update of guidelines on money market funds stress tests under the Money Market Funds Regulation (MMFR).
This update comes against the backdrop of the resurgence of the Covid-19 pandemic, compounded with ‘zero Covid’ policies in some regions, uncertainty about the economic consequences of Russia’s invasion of Ukraine and geopolitical tensions.
The calibration takes...