The Securities and Exchange Commission's new rules to improve liquidity and disclosure for money market funds spared the $3.2 trillion industry from the cumbersome operational task of marking value of shares to market every day.

The bad news is the burden is now on the back office. Money market funds must adapt their customer service procedures and information systems to more frequently disclose their "shadow net asset values" and modify their transfer agent systems to be able to process orders and redemptions at a price other than $1 a share.

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