BEFORE discussing the process of rating a money market fund, we should first agree on the definition of a money market fund (MMF). Globally, money funds can take on a variety of guises; some look like deposits, others like short-term bond funds. In certain markets, such as the US, MMFs are clearly defined by regulation. In Europe, however, the UCITs directive does not define an MMF and the definition of a money fund falls into domestic regulation.
