From the AFR comes a little butterfly flapping its wings:
A $US90 billion funding line for Australian banks in the United States is beginning to close due to tough new financial crisis-inspired regulations, forcing local lenders to hunt for short-term money in more expensive funding markets.
The biggest US prime money market fund operator, Fidelity Investments, announced last week that three of its mutual funds will stop investing in bank paper and instead only buy government securities.