Money market funds

Buying and selling

Purchase Process:
1. Institutional Client initiates Fedwire for purchase
2. Custodian receives Fedwire in clearing account
3. Global Cash Services creates case upon receipt of wire
4. TA (Transfer Agent) reconciles transaction with wired funds received
5. Treasury/Fund Accounting initiates wire from clearing to fund account
6. Custodian receives wire into fund account

Liquidation Process:
1. TA creates case for outgoing wire
2. Global Cash Services initiates wire to the client
3. Treasury/Fund Accounting initiates wire from fund account to clearing account
4. Custodian fund account wires to clearing account
5. Custodian clearing account wires to client
6. Institutional Client receives wire

Intercompany

TRADITIONAL MONEY MARKET FUND
1 Unit A initiates MMF redemption
2 Unit A approves MMF redemption
3 MMF redemption settlement (T+0 or T+1)
4 Unit A confirms MMF proceeds landed in bank
5 Unit A initiates MMF payment to Unit B
6 Unit A approves payment to Unit B
7 Unit B receives payment, initiates MMF purchase and associated payment
8 Unit B approves MMF purchase and associated payment
9 Funds arrive at MMF, begin earning interest (T+0 to T+1)

TOKENIZED MONEY MARKET FUND
1 Unit A initiates transfer of MMF tokens to Unit B
2 Unit A approves transfer of MMF tokens to Unit B
3 Funds arrive in Unit B's wallet and start earning yield instantly, with no yield lost during transaction