EU money market fund rules delayed

EU lawmakers have delayed new rules to regulate money market funds used by big companies to park billions of euros after they clashed over how tough the changes should be.

The funds are also used by banks for short-term funding and the most contested element is a requirement for one type of fund, known as constant net asset value, to hold a cash buffer equivalent to 3% of assets.

The draft rules, and a separate draft law on regulating benchmarks such as the scandal-hit Libor interest rate, aim to make markets more transparent after the 2007-09 financial crisis, but both measures now face delays.