Appendix 6 — The Spectrum of Shadow Banks within a Spectrum of Shadow Credit Intermediation

Appendix 6. Each of the seven functional steps was performed by many types of shadow banks, with varying asset mixes, funding strategies, capital forms (common equity, over-collateralisation, haircuts, equity tranches, capital notes) and leverage. Within every column entities are listed top-to-bottom in increasing order of riskiness; colour shows the sponsor. Wholesale funders (MMMFs, securities lenders) are the only actors with no capital supporting them.