PNC Govt MMF Added to Fed RRP
The Federal Reserve Bank of New York sent a statement entitled, "Reverse repo counterparties list updated," which says, "PNC Government Money Market Fund has been added to the list of reverse repo counterparties, effective January 23, 2017." The NY Fed explains, "To prepare for the potential need to conduct large-scale reverse repurchase agreement transactions, the Federal Reserve Bank of New York is developing arrangements with an expanded set of counterparties with whom it can conduct these transactions." Among the Fed's RRP counterparties, Banks include: Ally Bank, Bank of America, N.A., Bank of Montreal (Chicago Branch), Barclays Bank PLC - New York Branch, Citibank, N.A., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, New York Branch, Discover Bank, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., Natixis New York Branch, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, NY branch, Svenska Handelsbanken AB (publ) New York Branch, The Northern Trust Company and Wells Fargo Bank, NA. Investment Manager Money Market Funds include: AllianceBernstein L.P. AB Fixed-Income Shares, Inc., AB Government Money Market Portfolio; BlackRock Advisors, LLC: BlackRock Liquidity Funds: FedFund, T-Fund, TempCash, TempFund, Master Treasury Strategies Institutional Portfolio, Master Money LLC, Master Premier Government Institutional Portfolio; BlackRock Fund Advisors: Money Market Master Portfolio, Prime Money Market Master Portfolio; Charles Schwab Investment Management, Inc.'s Schwab Advisor Cash Reserves, Schwab Cash Reserves, Schwab Government Money Fund, Schwab Money Market Fund, and Schwab Value Advantage Money Fund; Columbia Management Investment Advisers, LLC's Columbia Short-Term Cash Fund, a series of Columbia Funds Series Trust II; Deutsche Investment Mangement Americas, Inc.'s Government Cash Management Portfolio; Dimensional Fund Advisors LP's The DFA Short Term Investment Fund of The DFA Investment Trust Company; The Dreyfus Corporation's Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Institutional Preferred Government Money Market Fund, Dreyfus Institutional Preferred Money Market Fund, Dreyfus Treasury & Agency Cash Management, and General Money Market Fund; Federated Investment Management Company's Federated Capital Reserves Fund, Federated Government Obligations Fund, Federated Government Obligations Tax-Managed Fund, Federated Government Reserves Fund, Federated Institutional Money Market Management, Federated Prime Cash Obligations Fund, Federated Prime Obligations Fund, Federated Prime Value Obligations Fund, Federated Tax-Free Obligations Fund, Federated Treasury Obligations Fund, and Federated U.S. Treasury Cash Reserves; Fidelity Investments Money Management, Inc.'s Fidelity Revere Street Trust: Fidelity Cash Central Fund, Fidelity Revere Street Trust, Fidelity Securities Lending Cash Central Fund, Fidelity Management & Research Company's Fidelity Colchester Street Trust: Government Portfolio, Money Market Portfolio, Prime Money Market Portfolio, and Treasury Portfolio, Fidelity Hereford Street Trust: Fidelity Government Money Market Fund, Fidelity Money Market Fund, Fidelity Money Market Trust: Retirement Government Money Market II Portfolio, Fidelity Newbury Street Trust: Fidelity Treasury Money Market Fund, Fidelity Phillips Street Trust: Fidelity Government Cash Reserves, and Fidelity Salem Street Trust: Fidelity Series Government Money Market Fund; Franklin Advisers, Inc.'s The Money Market Portfolio; Goldman Sachs Asset Management's Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Treasury Solutions Fund, and Goldman Sachs Investor Tax-Exempt Money Market Fund; HSBC Global Asset Management (USA), Inc.'s HSBC U.S. Government Money Market Fund; Invesco Advisers, Inc.'s Premier Portfolio, a series of the AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust), STIT Government and Agency Portfolio, STIT Liquid Assets Portfolio and STIT Treasury Portfolio; J. P. Morgan Investment Management Inc.'s JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Prime Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan U.S. Government Money Market Fund, and JPMorgan U.S. Treasury Plus Money Market Fund; Legg Mason Partners Fund Advisor, LLC's Western Asset/Government Portfolio, and Western Asset/Liquid Reserves Portfolio; Morgan Stanley Investment Management, Inc.'s Morgan Stanley Institutional Liquidity Funds Government Portfolio, Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio, Morgan Stanley Institutional Liquidity Funds Prime Portfolio, and Morgan Stanley Institutional Liquidity Funds Treasury Portfolio; Northern Trust Investments, Inc.'s Northern Funds - Money Market Fund, Northern Funds - U.S. Government Money Market Fund, Northern Institutional Funds - Government Assets Portfolio, Northern Institutional Funds - Government Portfolio, Northern Institutional Funds - Government Select Portfolio, and Northern Institutional Funds - Treasury Portfolio; Passport Research, Ltd.'s Edward Jones Money Market Fund; PFM Asset Management LLC's PFM Funds Government Select Series; PNC Capital Advisors, LLC's PNC Government Money Market Fund; RBC Global Asset Management (U.S.) Inc.'s RBC Funds Trust, U.S. Government Money Market Fund; SSgA Funds Management, Inc.'s Institutional Liquid Reserve Portfolio, Institutional US Gov. Money Market Fund, a series of the State Street Master Funds, State Street Navigator Securities Lending Trust, and State Street Treasury Plus Money Market Portfolio; T. Rowe Price Associates, Inc.'s T. Rowe Price Cash Reserves Fund, T. Rowe Price Government Money Fund, Inc., and T. Rowe Price Government Reserve Fund; UBS Asset Management (Americas) Inc.'s - Government Master Fund, Prime Master Fund and Treasury Master Fund; U.S. Bancorp Asset Management, Inc.'s First American Government Obligations Fund, First American Prime Obligations Fund, and First American Treasury Obligations Fund; The Vanguard Group, Inc.'s Vanguard Federal Money Market Fund, Vanguard Market Liquidity Fund, and Vanguard Prime Money Market Fund; Wells Fargo Funds Management's Wells Fargo Cash Investment Money Market Fund, Wells Fargo Government Money Market Fund, Wells Fargo Heritage Money Market Fund, Wells Fargo Money Market Fund, and Wells Fargo Treasury Plus Money Market Fund." It explains, "New reverse repurchase transaction (RRP) counterparties will begin transacting with the New York Fed upon completion of legal, operational and technical setup. Each listed counterparty applied to be an eligible RRP counterparty under the criteria and application published by the New York Fed. Inclusion on this list simply means that, should the New York Fed conduct reverse repurchase agreements, those listed would be eligible to participate. It does not mean that any listed eligible RRP counterparty is eligible for any other program or transactional relationship with the New York Fed. Further, it does not in any way constitute a public endorsement of any listed eligible RRP counterparty by the New York Fed, nor should inclusion on the list be viewed as a replacement for prudent counterparty risk management and due diligence."
