The 2008 money market crisis

Timeline

2008
September 15, 2008
 * Lehman Brothers Holdings Inc. Announces It Intends to File Chapter 11 Bankruptcy Petition

September 17, 2008
 * Reserve Primary Fund "​Breaks the Buck" Following Run on Assets

September 18, 2008
 * Ugly All Over: Putnam Inst Closes, Lehman AAA on Warning, Outflows

September 19, 2008
 * FRB Press Release
 * Asset Backed Commercial Paper (ABCP) Money Market Mutual Fund (MMMF) Liquidity Facility (AMLF or "the Facility")

September 24, 2008
 * Federated Investors, Inc. and Putnam Investments Announce Transaction to Benefit Money Market Fund Shareholders, Press Release

September 29, 2008
 * Treasury Announces Temporary Guarantee Program for Money Market Funds
 * Frequently Asked Questions About Treasury’s Temporary Guarantee Program for Money Market Funds
 * Treasury Guarantee Program for Money Funds Live, Fee Is One Bps
 * "Important Notice Regarding Reserve Primary Fund", Press Release

'''October 2. 2008'''
 * "Important Notice to Reserve Funds Investors", Press Release

October 6, 2008
 * Treasury and Fed Pulling Out Stops to Save Commercial Paper Market
 * Commercial Paper Funding Facility: Frequently Asked Questions

October 9, 2008
 * Virtually All Money Fund Families Now Covered by Treasury Guaranty

October 21, 2008
 * Fed Announced Money Market Investor Funding Facility (​MMIFF)
 * Frequently Asked Questions about the Money Market Investor Funding Facility

October 24, 2008
 * SEC Grants Order to the Reserve Yield Plus Fund

October 27, 2008
 * A Statement Regarding The Reserve Funds

October 30, 2008
 * "Reserve Primary Fund Makes Initial Distribution of $26 Billion to Primary Fund Shareholders", Press Release
 * "​Bailout List" Rises to 25 as SEC Discloses Lehman Support Actions

November 4, 2008
 * ICI Establishes Money Market Working Group
 * "Reserve Funds Update"

November 11, 2008 November 18, 2008
 * Moody'​s Reexamining "​Parental Support in Money Market Funds"
 * Federal Reserve Board of New York - Money Market Investor Funding Facility: Frequently Asked Questions

November 20, 2008
 * Commentary: The Credit Crisis: U.S. Government Actions and Implications for Cash Investors

November 24, 2008
 * Treasury Announces Extension of Temporary Guarantee Program for Money Market Funds

November 26, 2008
 * Important Notice Regarding Reserve Primary Fund’s Net Asset Value

December 3, 2008
 * Reserve Primary Fund Makes Second Distribution of $14.4 Billion to Primary Fund Shareholders

December 4, 2008
 * Over 1/​3 of Funds Received Support; Change Expected Says Moody'​s

December 5, 2008
 * Reserve Yield Plus Fund Update

December 6, 2008
 * An(​other) Offer Funds Couldn'​t Refuse: All Renew Treasury Guarantee

December 9, 2008
 * "​First Money Fund Pays Negative Yield" Story in MFI Incorrect

December 12, 2008
 * Recordbreaking Asset Surge, Prime Fund Recovery, Continues

December 16, 2008
 * Federal Reserve Cuts Target to Zero; Can Money Market Funds Survive?

December 19, 2008
 * Vanguard Closes Two Money Market Funds

December 23, 2008
 * Fidelity announces closure of Treasury Money Market Funds to new accounts

December 24, 2008
 * The Primary Fund A Statement Regarding Special Reserve Under the Plan of Liquidation

2009
January 8, 2009
 * Federal Reserve Expands, Tweaks Money Mkt Investor Funding Facility

January 14, 2009
 * Flurry of Fund Filings on Treasury Funds Closings, Waivers, Insurance

January 15, 2009
 * Reserve Fraud Started After SEC Call, Galvin Says News Report

January 16, 2009
 * Reserve U.S. Government Fund Distributes Remaining Assets to Shareholders

January 17, 2009
 * Reviewing Reserve'​s Failed Attempt to Protect Its $​1.​00 Share Price

January 19, 2009
 * Group of Thirty Recommendation Poses Threat to Money Market Funds

January 26, 2009
 * Vanguard's Treasury money market funds are closed to new accounts as yields tumble
 * Reserve Interstate Tax-Exempt Fund Makes Initial $354 Million Distribution

January 30, 2009
 * Reserve International Liquidity Fund Ltd. Makes Initial $1.875 Billion Distribution

February 4, 2009
 * Reserve New Jersey Municipal Money-Market Fund Makes Final $12.8 Million Distribution

February 5, 2009
 * Federal Reserve Extends MM Liquidity Programs Until Oct. 30, 2009

February 6, 2009
 * Reserve Florida Municipal Money-Market Fund Makes Final $1.95 Million Distribution

February 13, 2009
 * Reserve New York Municipal Money-Market Fund Makes Final $919,000 Distribution
 * Reserve California Municipal Money-Market Fund Makes Final $1.18 Million Distribution

February 20, 2009
 * Reserve Primary Fund Makes Third Distribution of $3.4 Billion to Primary Fund Shareholders

February 26, 2009
 * A Statement Regarding Special Reserve Under The Plan of Liquidation
 * A Statement Regarding Special Reserve Under The Plan of Liquidation Reserve Yield Plus Fund Makes Second Distribution of $185 Million
 * Fee Waiver Pressure Eases Slightly on Treasury Funds as Rates Rise

March 2, 2009
 * BIS Quarterly on Impact of Sept. US Money Fund Run on Non-​U.​S. Banks (Analysis)

March 3, 2009
 * High Cost of Deposit Insurance Pushing Cash to Money Funds Says JP

March 6, 2009
 * Municipal MSRB Asks Treasury to Extend Money Market Fund Guarantee

March 10, 2009
 * Bernanke: Tighter Restrictions, Limited Insurance for Money Funds

March 12, 2009
 * Standard and Poor'​s Tweaks Money Fund Rating Criteria, Methodology

March 13, 2009
 * Reserve Interstate Tax-Exempt Fund Fully Liquidates

March 18, 2009
 * Mutual Fund Leaders Endorse Reforms to Strengthen Money Market Funds and the Money Market
 * Banks Should Be Regulated Like Money Funds Says Bullard in Testimony

March 20, 2009
 * Jack Brennan discusses industry-wide money market reform effort

March 26, 2009
 * Reserve Municipal Money-Market Trust II (the “Trust”) Plan of Liquidation and Distribution of Assets

March 27, 2009
 * Additional Information Regarding the Reserve Yield Plus Fund
 * Additional Information Regarding the Reserve Primary Fund

April 1, 2009
 * Treasury Extends Money Fund Guarantee Program Until Sept. 18, 2009

April 15, 2009
 * Largest Money Funds All Renew Treasury Guarantee for Prime Funds

April 17, 2009
 * Reserve Primary Fund Makes Fourth Distribution of $2.3 Billion to Primary Fund Shareholders

May 5, 2009
 * Regulatory Reforms Likely to Extend Beyond ICI Report Says Shapiro

May 6, 2009
 * SEC Charges Bents, Reserve Primary Fund Management With Fraud

June 3, 2009
 * Vanguard Merges Treasury Money Funds, Closes Federal Money Market

September 15, 2009
 * Treasury Guarantee Ending Friday, But Plenty of Support Remains

September 18, 2009
 * Treasury Announces Expiration of Guarantee Program for Money Market Funds

September 22, 2009
 * Reserve Primary Fund to Make Fifth Distribution of $1 Billion to Primary Fund Shareholders

September 23, 2009
 * Money Fund Outflows Minimal Following Treasury Guarantee Expiration

2010
February 1, 2010
 * Commercial Paper Funding Facility (CPFF) expires
 * Money Market Mutual Fund (MMMF) Liquidity Facility (AMLF) expires

February 24, 2010 February 25, 2010
 * SEC Posts Full Final 220-​Page Text of Money Market Fund Reforms
 * SEC Money Market Fund Reform
 * More on SEC Money Market Reform Amendments: Portfolio Disclosures

March 1, 2010
 * A Look at the Cost vs. Benefits of SEC'​s New Money Market Reforms

March 2, 2010
 * Stress Testing Under the SEC'​s New Money Market Fund Reforms

''' March 9. 2010'''
 * NY Fed Expands Counterparties for Reverse Repos to Money Funds