Shadow banking system
Non-banks that provide services similar to banks
Shadow banking system
The shadow banking system is the collection of non-bank financial intermediaries (NBFIs), or nondepository financial institutions (NDFIs) that legally provide services similar to traditional commercial banks but outside normal banking regulations. S&P Global estimates that, at end-2022, shadow banking held about $63 trillion in financial assets in major jurisdictions around the world, representing 78% of global GDP, up from $28 trillion and 68% of global GDP in 2009. Examples of NBFIs include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. The phrase "shadow banking" is regarded by some as pejorative, and the term "market-based finance" has been proposed as an alternative. US Federal Reserve Chair Ben Bernanke provided the following definition in November 2013: Shadow banking, as usually defined, comprises a diverse set of institutions and markets that, collectively, carry out traditional...
Read on Wikipedia · Image Elembis, Public domain
Open boosters, collect cards and trade them. Free to play.
Play for free