This particular development has been reinforced by a substantial increase in the number of approaches we have received from providers of other types of funds that have typically not appeared before on any MMF portals. Particularly interesting is the fact that the pending regulatory change in Europe has encouraged the providers of the unrated French Fonds Commun de Placement (FCPs) to consider putting them onto MMF platforms for the first time to take advantage of what they see as the possible break up of the hegemony of AAA-rated CNAV MMFs for institutional investors outside France.