Qualifying money market fund - CASS Provision
CASS Anatomy™
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A money market fund that counts as client money for FCA purposes under the CASS rules. Defined the CASS rules here.
Relevant for CASS see especially 7.13.26 et. seq. In terms of suitability for being used as ballast where there's a shortfall under 6.6.54R.
Not to be confused with an ordinary money market fund (whether or not it would—um—qualify as a “qualifying” one), when it happens to be held in custody under the CASS 6 custody rules. There is an important distrinction depending on you hold it. If you hold a money market fund as a qualifying money market fund under Cass 7 it counts as client money and is subject to secondary pooling rules in the client money pool. If you hold it as a normal safe custody asset under CASS 6 it wont be loss-mutualised across forms of client money.