(WSJ, 8/4/11)
市場に不確実性が高まっていることを受け、ここ数週間でマネーマーケットファンドは手持ち現金を増やし続けたが、それに悲鳴を上げたBNYメロンが、大口預金者の一部に手数料を追加すると通告。多額の余剰預金を持つクライアントは13bpsの手数料。
Custody banks are typical havens when financial markets go haywire. They act as protectors of assets, cash and securities held as collateral for short-term loans for their clients, and they process payments and settle trades in the repo market. Money-market funds, banks, hedge funds and other institutional investors can easily move money at their custody banks in short periods of time.
Bank of New York's move is emblematic of much broader strains that plague the U.S. economy and the global financial system. In response to the recession and anemic recovery, the Federal Reserve has pushed interest rates to zero and purchased $2.6 trillion of mortgage and Treasury securities. In the process, it has flooded the financial system with cash.
FDICの保険料は0.1%、預金額が極端に増えると、キャピタルチャージがかかる恐れも。そのため、銀行側としてはそのコストを顧客に転嫁し始めるとのこと。リスク外しのモードが高まるにつれ、突然に、しかも、大量に（suddenly and substantially）預金額が増えたとメロンの言。
"We are taking steps to pass on costs incurred from sudden and significant increases in U.S. Dollar Deposits with BNY Mellon," said the bank in its letter. It said it finds its deposits "suddenly and substantially increasing" as investors are in a mass "de-risk" mode.
