The Council of Financial Stability ( FSB), which is chaired by Mario Draghi, as usual before a summit of the G20, has recently published a report (10 pages) to a point on the state reform of financial regulation: Bâle3 and implementation of various new ratios (capital, liquidity, leverage), the OTC derivatives market reform, accounting standards ... A new topic of reform was put on the agenda of this Council, which serves as secretariat for the G20 issues of financial regulation: the "shadow banking".
The "shadow banking" has played, in fact, a major role in the subprime crisis. Yet the reform of the U.S. regulatory site Dodd-Frank do there is little interest (but Bâle3 a little more), leaving widely unregulated. That is why the FSB was seized of the matter.
The rise of "shadow banking" has taken place over the last three decades, especially in the USA, without one there pays much attention. Besides, he was named thus for the first time only in 2007 by Paul Mac Culley of PIMCO. It was largely because the banks putting assets off balance sheet (off balance sheet) using various techniques, including securitization (CDOs, ABS, ABCP ...) and special purpose vehicles (SPVs).
Only with the crisis that we became aware of its magnitude and the fact that in 2007 the assets of the "shadow banking" amount had exceeded those in the banking world "regulated" (see chart below from a study of the New York Fed). In other words, the economy and U.S. companies had become increasingly financed by the "shadow banking" by traditional financial channels.
is contained in the link:
-route point of the Financial Stability Board
http://www.financialstabilityboard.org/publications/r_110219.pdf
-A recent study by two researchers at Yale School of Management "Regulating the shadow banking" in July 2010:
C: \\ Users \\ vincent \\ Documents \\ book IBK \\ SSRN-Regulating the Shadow Banking System by Gary Gorton, Andrew Metrick.mht
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