Treatment of shortfalls - CASS Provision: Difference between revisions

Treatment of shortfalls - CASS Provision (view source)

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 ==={{cassprov|Qualifying money market fund}}s to fulfill the shortfall?===
-Setting aside cash can be expensive init so vigilant [[prime broker]]s may wish to deploy [[money market funds]]. This they can do if they comply with the particular rules as to {{cassprov|qualifying money market fund}}s, including (casasprov|7.13.28}} the client having the right to say no to such an arrangement.
+Setting aside cash with client money banks can be expensive init so vigilant [[prime broker]]s may wish to deploy [[money market funds]]. If they wish to do this as [[client money]] under [[CASS 7]] they must comply with the particular rules as to {{cassprov|qualifying money market fund}}s, including (cassprov|7.13.28}} (under which the client has the right to decline such an arrangement). But why would you want to do it as client mooney? Client money is a pain in the backside. And the good news is you ''don’t'' have to:  CASS {{cassprov|6.6.54}} allows a [[custodian]] to set aside its own assets, so one could deposit [[money market funds]] as [[Custody assets|custody]] under CASS 6, and would not be subject to the ''qualifying'' money market funds regime which only applies under CASS {{cassprov|7}}.
 ===But sir sir what about CASS {{cassprov|6.4.1}}?===