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A risk to the MMFs is that when people see the current value dip to, say, $0.9991, they'll worry that they're going to lose money, and start a run on the fund. As we all know from 2008 or 1932, that can kill a fund (or a bank).
It's somewhat curious that Fidelity and Schwab have chosen to publish the NAVs - not because they're retail companies, but because they have their own banks, making it easy for people to move cash out of their MMFs while still leaving the money with the company. Vanguard doesn't do that - if you pull cash out of a Vanguard MMF, you've got no place to go but an external bank, where that cash will no longer be available for immediate trading.
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It's somewhat curious that Fidelity and Schwab have chosen to publish the NAVs - not because they're retail companies, but because they have their own banks, making it easy for people to move cash out of their MMFs while still leaving the money with the company. Vanguard doesn't do that - if you pull cash out of a Vanguard MMF, you've got no place to go but an external bank, where that cash will no longer be available for immediate trading.