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

Each of the seven steps was performed by many shadow-bank types with different asset mixes, funding, capital forms (common equity, over-collateralisation, haircuts, equity tranches, capital notes) and leverage. Within each step rows run top→bottom in increasing riskiness; wholesale funders (MMMFs, securities lenders) are the only actors with no capital. Hover any cell for instrument / tenor / rating / seniority / capital form / stress tags / backstop linkage; hover any arrow for the flow's instrument and counterparty role.