Risque systémique dans les fonds monétaires

The Association Française des Trésoriers d’Entreprise(AFTE), the French association of corporate treasurers, welcomes the IOSCO initiative to give her opinion on the MMFs. Our members are a large part of MMF industry users and the French industry represents a third of MMFs. The corporate treasurers only use VNAV MMFs except for a subsidiary’s treasury is in US Dollar or in Sterling Pound. In these cases, they might invest in CNAV funds. We highlight the fact that French MMFs obey to CESR/ESMA rules on MMFs, which have been followed by the specificities set by the AMF for MMFs.