In this report, we build on our initial assessment yesterday of the Financial Stability Board’s report on shadow banking.  Concern continues to grow that all of the new rules on banks creates strong drivers for financial intermediation to transfer into non-banking activities subject either to less stringent or even no prudential regulation.  However, like prior ones, this FSB report does not provide any policy recommendations, instead measuring shadow banking as the FSB chooses to define it.  

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