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Index A1 A2 A3 A4 A5 A6 A7 A8

Appendix 3 — The Credit Intermediation Process of Diversified Broker-Dealers

Appendix 3. Similar to the FHC process (Appendix 2), with four differences: DBDs originate loans out of finance-company subsidiaries (not commercial banks); warehouse loans in industrial loan companies (not conduits); warehouse ABS in trading books (not conduits); and intermediate ABS through internal credit hedge funds (not SIVs). Funding leans more on brokered deposits and repo.

Source: Pozsar, Adrian, Ashcraft & Boesky, Shadow Banking, Federal Reserve Bank of New York Staff Report no. 458 (2010); reprinted in Economic Policy Review 19(2), 2013. This page is a graph reconstruction of Appendix 3, “The Credit Intermediation Process of Diversified Broker-Dealers”. Asset/credit flows run left→right; wholesale funding flows run right→left; dashed lines are credit/liquidity puts and guarantees. Data lives in appendix3_diversified_broker_dealers.json; this page embeds a copy so it runs offline with no dependencies. Companion to shadow_banking_map.html.

 Reconstruction of Pozsar, Adrian, Ashcraft & Boesky, Shadow Banking, FRBNY Staff Report 458 (2010).
 Derived from public sources. Estimates, not official publications. Not investment advice. · bzhmacro.com