The SEC's changes in July to Rule 2a-7 governing money market funds may be simple in concept - but they will require significant changes in fund operations. As speakers from BNY Mellon, Boston Financial Data Services, Deutsche Asset & Wealth Management and EY Global Services explained in a recent NICSA webinar, fund transfer agents and other service providers must significantly reengineer their processes to comply with the new rules between now and 2016, when the most significant changes take effect.

At the same time, how firms handle these challenges will be critical in shaping the money market fund industry of the future. Here's an overview of the key operational challenges of money market reform:

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