Last week, both Raymond James (​RJF) and Ameriprise Financial (​AMP) released Q3 earnings, and both briefly mentioned cash and money markets. CFO `​Jonathan Oorlong of Raymond James comments, "Clients' domestic cash sweep and Enhanced Savings Program balances ended the quarter at $​58 billion, up 3% over the year ago quarter and down 1% from the preceding quarter. Our client deposit balance mix continues to highlight our diverse funding sources through both the sweep program and the Enhanced Savings Program through Raymond James Bank as well as TriState Capital'​s deposit gathering capabilities. Additionally, a portion of the sweep balances held off balance sheet with third-​party banks, which totaled over $​16 billion at quarter end, is immediately available to fund future loan growth as client demand warrants." He says, "Combined net interest income and RJBDP fees from third-​party banks were $​674 million, up $​16 million or 2% from the prior quarter. Fee revenues earned on RJBDP balances with third-​party banks increased $​12 million as a result of both an increase in average balances swept to third-​party banks in the quarter as well as a 6 basis point increase in the yield on such balances to 2.​81%. Firm net interest income increased year-​over-​year and sequentially as higher interest income driven primarily by higher bank segment interest-​earning assets more than offset higher interest expense." `​Ameriprise CFO Walter Berman tells us, "Turning to cash, our total client cash of $​81 billion was down 5% year-​over-​year, primarily from third-​party money market funds as well as Comerica transition. Bank assets increased 2% year-​over-​year, and underlying cash sweep balances were stable. I note that cash sweep has been very consistent with an average account size of approximately $​5,​000. We benchmark our cash sweep rates regularly to ensure we remain competitive with the industry." During the Q&​A, one analyst asked if they expect customer cash balances to decline. Berman replies, "No, normally in this quarter it drops, and then it starts building up in the fourth quarter. We had Comerica coming through, which distorted that number, but again, that is the fact of it. Actually, it is stable. It is tracking exactly where we are. So that it is incorporated in building, as we said, growing from that standpoint and getting the benefits of certainly as we go pay downs, maturities, and other things as we go forward. So we feel quite comfortable. And with the sweep money, candidly, it is well managed, and we have ALM capability that is understand from that standpoint. So there is nothing unusual."

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